unclaimed tax refunds

19 04 2006

I know the tax deadline has just passed, so this is late for this year, but you might keep this in mind for next year.  The General Accountability Office did a study four years ago on American’s 1998 tax returns to see how many people overpaid on their taxes.  This may shock you.  They estimate that 2.2 million people overpaid because they took the standard deduction instead of itemizing.  And that resulted in the government getting to keep $473 million.  Will the government let you know this?  No.  It’s not their job to calculate your taxes — it’s yours.  They figure you did it right, unless you get flagged for an audit.  So you might want to keep this in mind in upcoming years.  I always itemize, and it makes a big difference on how much I get back.

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