Cohen Reminds Memphians Not To Miss Out on Unclaimed Tax Refunds and Credits They Deserve
[WASHINGTON, DC] – With two weeks to go before the federal tax filing deadline on April 15th, Congressman Steve Cohen (TN-09) today urged Memphis taxpayers to ensure that they claim all credits and deductions—such as the Earned Income Tax Credit (EITC)—they are eligible for when filing their returns. The Congressman also reminded Memphians who may still be owed a refund on their 2010 federal taxes to file their returns before those refunds expire after this year’s filing deadline. According to the Internal Revenue Service (IRS), nearly $13 million in unpaid refunds is owed to more than 16,000 taxpayers across Tennessee, but taxpayers must file by April 15th in order to collect those funds.
“Whether it’s an unclaimed refund or an often-overlooked credit or deduction, Memphians deserve every penny they are owed from the federal government,” said Congressman Cohen. “With families struggling just to make ends meet, the extra money can help put food on their tables, a roof over their heads, or help pay off student loan and other debt. With just two weeks before the filing deadline, the citizens of Shelby County should do all they can to ensure they aren’t leaving money on the table or missing out on the chance to collect unpaid refunds. Free tax filing assistance is available throughout the Ninth District, and Memphians can visit https://cohen.house.gov for hours and locations.”
In order to collect unpaid refunds from prior tax years, taxpayers must file a return within three years. If taxpayers are owed a refund, there is no penalty for filing a late return. If 2010 returns are not filed by April 15th, Memphians stand to lose more than just a refund of taxes withheld from their income. Low-to-moderate income Memphians may also become ineligible to claim their 2010 EITC, which could be worth more than $5,500.
The EITC is a federal tax credit for people who work but don’t earn a lot of money. EITC-eligible tax filers can reduce the amount they owe in income taxes, and sometimes even get money back in a refund. This money helps families cover expenses like rent, utilities, food and childcare—making it easier to keep working. Historically, eligible Memphis and Shelby County taxpayers have not taken full advantage of the EITC program—last year alone, as much as $70 million in potential tax credits were left on the table by area taxpayers. Over the next two weeks, several Volunteer Income Tax Assistance (VITA) sites will offer guidance and assistance to area taxpayers free of charge. More information about the VITA sites including locations, dates and hours of operation is available here.
Current and prior year tax forms and instructions are available on the Forms and Publications page of IRS.gov or by calling toll-free 800-TAX-FORM (800-829-3676). Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for 2010, 2011 or 2012 should request copies from their employer, bank or other payer.