New York – Sen. Charles Schumer says New Yorkers could be missing tens of millions dollars in unclaimed tax refunds and college tuition tax credits.
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Schumer said Sunday that New Yorkers have about $50 million in unclaimed tax refunds that must be claimed by April 18 or the money will be forfeited.
An estimated 39,955 families in and near New York City failed to file a 2007 tax return. Individuals have three years to file an old return and claim the refund they’re owed. So this is the last year that these families can claim refunds from 2007.
Schumer said New York families may also be eligible for $590 million in tuition tax credits that were not filed in 2009 and could be claimed on their 2010 tax returns
Interesting. How would they know if the people that haven’t filed a return are due a refund? The IRS may have estimated tax paid in by these taxpayers and don’t have any income on record. But does that mean that they’re due a refund? Absolutely not. Those individuals might have other income that was never reported to the irs
If people are too lazy or inept to claim refunds, that is their own fault. There should be a Statute of Limitations, as to how long the funds can be held. For example, if the funds are not claimed after four years, then the money goes to the Government, which can use the money.