The IRS may be sitting on a pile of your unclaimed cash. The Earned Income Tax Credit was started way back in the 1970s to help out a lot of tax payers. Many never take advantage of it.
The unclaimed cash could be really helpful if claimed by the people the tax credit was designed to help. The Earned Income Tax Credit’s purpose was to especially assist the newly unemployed and families with lots of children.
Filing an Amended Tax Form to Claim the Tax Credit is Not so Difficult
But, because this the money comes from the IRS many people are afraid to file for it or do not want the aggravation. They do not file for their EITC; leaving a lot of money with the IRS that should be theirs to use as they see fit. Many who fail to file for the tax credit likely filed their taxes using a 1040 EZ form and a pencil and didn’t spend any time looking at extra forms or think about retrieving some unclaimed cash.
If Married You May Qualify for Up To a $ 5,600 Tax Credit
Luckily, this unfortunate situation can easily be fixed. You can file an amended return. Is it worth it? Well, if you are single you can claim up to $ 400 as a refund even if you have already received a refund for the current tax year. If you are married with several children, you can qualify for up to $ 5,600 in credit.
The tax form that you need to file is the IRS 1040X form. To see if you qualify check out the IRS’ Earned Income Tax Credit site at www.irs.gov. Who knows? Some of the unclaimed cash held by the IRS may be yours.
Logo of the Internal Revenue Service
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unclaimed money â€" Google News
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