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CNN Live At Daybreak

IRS Unclaimed Refunds From 2000 Total $2.5 Billion

Aired February 10, 2004 - 06:18   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


CAROL COSTELLO, CNN ANCHOR: Time for a little "Business Buzz" now. The IRS has about $2.5 billion it wants to give away. Should you make a claim?
Carrie Lee live from the Nasdaq market site.

I'd like to make a claim.

CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Well, Carol, the people who can make a claim for this money are those who didn't actually file a tax return for the year 2000. And there are about two million people who are actually owed money.

The states with the highest level of refunds coming, New Hampshire, Connecticut and Illinois, all around the $600 range. The people who did not file a return with the IRS for 2000, these folks maybe didn't get around to it or their income levels were too low. But still, they did have taxes withheld that year and that's what constitutes the refund.

Now since you only have up to three years to get the unclaimed refunds, the window to make the tax claim for year 2000 is going to be closing this April 15. So what you really need to do if you think you qualify is file before April 15 of this year, and you also have to have filed taxes for 2001 and 2002. Of course if you owe money for those years and you didn't file, of course the IRS is going to work it out. They are going to take the money they are owed before you get the refund. But still, $2.5 billion, quite a large chunk of change -- Carol.

COSTELLO: Yes, and you would -- you would say that those people probably need the money too. All right.

LEE: I would think so, yes.

COSTELLO: Definitely. Carrie Lee live from the Nasdaq market site.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com






Aired February 10, 2004 - 06:18   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little "Business Buzz" now. The IRS has about $2.5 billion it wants to give away. Should you make a claim?
Carrie Lee live from the Nasdaq market site.

I'd like to make a claim.

CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Well, Carol, the people who can make a claim for this money are those who didn't actually file a tax return for the year 2000. And there are about two million people who are actually owed money.

The states with the highest level of refunds coming, New Hampshire, Connecticut and Illinois, all around the $600 range. The people who did not file a return with the IRS for 2000, these folks maybe didn't get around to it or their income levels were too low. But still, they did have taxes withheld that year and that's what constitutes the refund.

Now since you only have up to three years to get the unclaimed refunds, the window to make the tax claim for year 2000 is going to be closing this April 15. So what you really need to do if you think you qualify is file before April 15 of this year, and you also have to have filed taxes for 2001 and 2002. Of course if you owe money for those years and you didn't file, of course the IRS is going to work it out. They are going to take the money they are owed before you get the refund. But still, $2.5 billion, quite a large chunk of change -- Carol.

COSTELLO: Yes, and you would -- you would say that those people probably need the money too. All right.

LEE: I would think so, yes.

COSTELLO: Definitely. Carrie Lee live from the Nasdaq market site.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com