Yes, we all know that April 15th is the filing deadline for our personal tax returns for 2013. We’ll hear and read about it endlessly as that date approaches.
But April 15th is an important deadline for another reason; it is the last day you can file a tax return for 2010 and receive a refund. According to the IRS, potential unclaimed refunds total $760 million of which $10 million is attributable to CT residents.
There are many good reasons to file that return or 2010 if you haven’t already done so…
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* You might be entitled to a refund of income tax withholding even if you owe no taxes and were not required to file a tax return. (This is common for a student or young dependent.) Also, you might be entitled to a refundable tax credit such as the Earned Income Credit.
* If you are entitled to a refund, there is no penalty for a late filing of the tax return.
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* Your tax refund for a subsequent year after 2010 might be delayed or withheld by the IRS if you have an unfiled return.
* There is no statute of limitations on unfiled returns. The IRS can require you to file the return any time in the future, even though your opportunity to claim a refund will expire on April 15th.
So I encourage you to tie up this loose end and maybe even get your share of the $760 million!
