SCHUMER: MORE THAN 63,000 NEW YORKERS HAVE YET TO CLAIM OVER $62.8 MILLION IN REFUNDS FROM THEIR 2011 FEDERAL INCOME TAX RETURNS; TIME RUNS OUT TO CLAIM THESE REFUNDS NEXT MONTH – SCHUMER ENCOURAGES NYS RESIDENTS TO CLAIM THESE UNCLAIMED FUNDS BEFORE TIME RUNS OUT

Taxpayers Who Did Not File 2011 Federal Tax Returns Are Eligible to Claim Tax Refunds If They File Their 2011 Returns By April 15 – New York Taxpayers Could Receive an Average Return of Nearly $700, But They Must Do This Before Grace Period is Up

 

Schumer Urges New Yorkers Who Are Eligible to Put Money Back In Their Pocket By Taking Advantage of This Opportunity

Today, U.S. Senator Charles E. Schumer announced over 63,000 New York State residents have more than $62 million in unclaimed tax refunds from 2011 that expire on April 15th, and he urged New York State residents to claim these funds before time runs out. Schumer explained that the thousands of taxpayers who did not file federal income tax returns in 2011 are still eligible to collect refunds not previously claimed. Schumer said that there is a three-year grace period to claim these funds, and in order to do so, these taxpayers must file a 2011 tax return with the IRS no later than April 15. According to the IRS, there are 63,400 New York taxpayers eligible to receive a total of $62,809,000 in tax refunds, with a median potential return of $765.

“New Yorkers work hard for their paycheck, and I hope all those eligible will take advantage of this opportunity to put money back in their pockets. There are tens of thousands of people across New York who stand to gain from filing their 2011 returns; it’s a no-brainer,” said Schumer. “We all know how far a little extra money can go for families during tax season, so I am encouraging residents to take advantage of this before time runs out.”

According to the IRS, 63,400 New York taxpayers are eligible to claim refunds from 2011. The IRS does not break this data out by county, but below is a rough estimate of the number of taxpayers per region who are eligible for a refund and how much they are owed:

-In the Capital Region, an estimated 3,699 taxpayers are eligible for approximately $3,700,000 in refunds.

-In Central New York, an estimated 3,363 taxpayers are eligible for approximately $3,300,000 in refunds.

-In Western New York, an estimated 4,307 taxpayers are eligible for approximately $4,264,000 in refunds.

-In the Rochester-Finger Lakes, an estimated 3,902 taxpayers are eligible for approximately $3,853,000 in refunds.

-In the Southern Tier, an estimated 2,441 taxpayers are eligible for approximately $2,373,000 in refunds.

-In the Hudson Valley, an estimated 7,422 taxpayers are eligible for approximately $7,419,000 in refunds.

-In the North Country, an estimated 1,720 taxpayers are eligible for approximately $1,643,000 in refunds.

-On Long Island, an estimated 9,126 taxpayers are eligible for approximately $9,145,000 in refunds.

-In New York City, an estimated 26,880 taxpayers are eligible for approximately $27,131,000 refunds.

According to the IRS, in cases where a tax return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. For 2011 tax returns, the window closes on April 15, 2015. If no return is filed to claim a refund within three years, the money becomes property of the U.S. Treasury. There is no penalty for filing a late return that qualifies for a refund.

Last week, the IRS reminded taxpayers seeking a 2011 refund that their checks may be held if they have not filed tax returns for 2012 and 2013. In addition, the refund will be applied to any amounts still owed to the IRS, or their state tax agency, and may be used to offset unpaid child support or past due federal debts, such as student loans. By failing to file a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2011.

Many low-and-moderate income workers may not have claimed the Earned Income Tax Credit (EITC). For 2011, the credit is worth as much as $5,751. The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2011 were:

-$43,998 ($49,078 if married filing jointly) for those with three or more qualifying children,

-$40,964 ($46,044 if married filing jointly) for people with two qualifying children,

-$36,052 ($41,132 if married filing jointly) for those with one qualifying child, and

-$13,660 ($18,740 if married filing jointly) for people without qualifying children.

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