$13.4 million unclaimed tax refunds to be paid to Connecticut residents

On Friday, US Senator Richard Blumenthal from Connecticut said that there is a potential amount of USD 13.4 million which has to be paid to tax payers for the year 2011.

According to Blumenthal, that money belongs to people who didn't claim the federal Earned Income Tax Credit. The plan is offered for people with current moderate incomes. It reduces the amount of taxes a person owes or it could outcome in a refund.

Blumenthal said that when he verified the amount of unclaimed refunds owed to Connecticut taxpayers, the IRS told him that 2011 tax returns have not yet been filed by more than 13,400 Connecticut residents.

Some of these could not have met the income threshold for filing a federal tax return but might have qualified for the earned earnings tax credit.

IRS said that federal income tax refunds total $1 billion nationally. They may be waiting for an estimated one million taxpayers who didn't file a federal return for 2011.

Blumenthal urged residents to check out Volunteer Revenue Tax Assistance web pages, which delivers free tax preparation for men and women with household incomes of up to $53,000. Taxpayers can call 211 to discover places and set up appointments.

IRS Commissioner John Koskinen said, "Time is running out for people who didn't file a 2011 federal income tax return to claim their refund." He mentioned that many students and part-time workers could also be eligible for refunds. Also, there is no penalty for filing a late tax return that qualifies for a refund.

The tax return should be properly addressed, mailed and postmarked by April 15. Blumenthal said that if April 15 is gone, the unclaimed money will become the property of the US Treasury.