Muncie Times, Muncie, Delaware County, 5 April 2002 — Page 14

The Muneie Times, April 5, 2002, page 14

IRS has $43 million in 1998 refunds for Hoosiers

Indianapolis Unclaimed refunds, totaling more than 443 million , are awaiting about 35,000 Hoosiers who failed to file a 1998 income tax return, the Internal Revenue Service recently announced. However to collect the money, a return must be filed with an IRS office no later than April 15, 2002. “Time is running out for individuals to take steps to claim this money,” said IRS spokeswoman Pat Brummer. “If no return is filed to claim the refund witting 3 years, then this money will become the property of the U.S. Treasury.” The IRS estimates that the median refund amount for those Hoosiers is $530. So individuals had too little income to require filling tax return, but many have and taxes withheld from their wages. Others may not have had any tax withheld, but would be eligible for the refundable Earned Income Tax Credit. In cases where a return was not filed, the law provides most taxpayers with a 3 year

window of opportunity for claiming a refund. For 1998 returns, the window closes on April 15. The law requires that these returns be properly addressed, postmarked, and mailed by that date. There is no penalty assessed by the IRS for filing a late return qualiiying for a refund. The IRS reminds taxpayers seeking a 1998 refund that their checks will be held if they have not filed tax returns for 1999 or 2000. In addition, the refund will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past due federal debts such as students loans. Current and prior year tax forms are available on the IRS Web site (www.irs.gov.) or by calling 1-800-TAX-FORM (1-800-828-3676). Taxpayers who need help preparing prior year returns or gathering income records may call the IRS help line at 1-800-829-1040. To allow for processing forms and/or tax help should be requested by mid-March.

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