Posted on: Wednesday, February 9, 2005
BUSINESS BRIEFS
IRS has $13M for 9,900 Islanders
Advertiser Staff and News Services
April 15 is the deadline for 9,900 Hawai'i residents to file for $12.7 million in unclaimed federal income tax refunds from 2001.
The Internal Revenue Service estimates that half of those eligible for refunds would receive more than $525 per person.
The individuals who are owed refunds failed to file income tax returns in 2001. In some cases, taxes were withheld from their wages, or they made tax payments on self-employment earnings but had too little income to require filing a tax returns, the IRS said.
Tax forms are on the IRS Web site (www.irs.gov) or can be obtained by calling (800) 829-3676. The state Department of Taxation said it has sent 8,239 taxpayers forms containing incorrect tax refund figures.
The Form 1099-G statement is sent to taxpayers who received Hawai'i income tax refunds and who may need to report the amount as income on their 2004 state and federal tax forms. Taxpayers who itemize their federal or state returns and claim a deduction for state income taxes paid may need to report their state tax refund as income the following year.
Only taxpayers who had refunds direct-deposited were affected. The tax department said those taxpayers would be sent letters with the correct figures. People who already have filed their 2004 taxes with the incorrect figure should file amended returns.
8,239 received wrong tax data
