The IRS billion unclaimed funds total $1.3 billion in refunds from 2006. More than 1.4 million tax payers didn’t file a return. If you are one of those individuals, there are no penalties to pay if you have a refund.
The best thing to do is file your taxes by using a 2006 Form 1040. Yes, sometimes good things can happen. The average refund is approximately $800.
The refunds are owed in every state, as well as residents of U.S. territories and military personnel who didn’t file returns in 2006. California is home to the most taxpayers, almost 160,000, who didn’t send in returns. It accounts for $151 million of the total.
In addition to the regular refund amount, a 2006 return will get most taxpayers at least $30 and possibly up to $60 in extra cash back from the government. This money is courtesy of the repealed Telephone Excise Tax Refund. It was paid out based on the number of exemptions taxpayers claimed on their 2006 returns.
