Stephen Ohlemacher, AP via USA Today
WASHINGTON (AP) - If you didn't bother filing a federal tax return for 2009, it might be a good time to rethink your tax strategy.
The Internal Revenue Service says it has $917 million in unclaimed tax refunds from 2009, and time is running out to claim them.
The refunds are owed to nearly 1 million people who failed to file returns for 2009. The IRS estimates that half of the refunds are more than $500.
Taxpayers must file their 2009 returns by April 15 to claim their refunds. After that, the money becomes property of the U.S. Treasury.
The IRS says there is no penalty for filing a late return that qualifies for a refund.
But the agency says refunds may be delayed if taxpayers also failed to file returns for 2010 and 2011.
Current and prior year forms can be found at irs.gov. The IRS also lists the number of individuals in each state that didn't file a 2009 return that may be eligible for a refund.
>>Editors Note: The following is from the IRS:
- In South Carolina 10,800 people did not file a 2009 Return.
- The median Potential Refund is $530
- Total Potential Refund $$'s for SC Residents: $9,347,000