In Your Interest – by Valerie Rumbough

Looking for some extra cash? You may find some in an unlikely place. The IRS is trying to return more than $164 million in undelivered checks to taxpayers. There are more than 111,000 taxpayers who are due a refund check that could not be delivered because of mailing address errors.

Valerie Rumbough

So how can you tap into this if you are one of them? You only need to update your address with the IRS. You can do this by going to the IRS website, www.irs.gov, then click on the “Where’s my refund?” tool. You will need to submit your Social Security number, filing status, and the amount of refund shown on your 2009 tax return. Even if you have received this refund, go through the process anyway, because updating your address one time will trigger all refunds due to you from prior years.

To avoid missing refunds in the future, the best thing to do is have it directly deposited into your checking account. You can even choose to have it deposited into more than one account. Another way to reduce errors and lost refunds is to file your tax return electronically. An added benefit is that you will receive your refund sooner.

Be aware that the IRS does not contact taxpayers by e-mail to alert them of pending refunds. If you get such a message, it is most likely an identity theft scam or a virus. The refund tool on their website is the safest and best way to find out the status of your refund.

And what if you find out that you are due a refund? It could be that you have extra money for Christmas spending, and your church could have extra money for missions. Think about it, and happy hunting!

– Rumbough, CPA, CFP, is chief operations officer with the Baptist Foundation of South Carolina. Contact her at 800-723-7242. In accordance with IRS Circular 230, any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.