For 2009 in particular, many active duty military and veterans combined their VA Home Loan benefits, including no downpayment and low interest rates, to the one-time First-Time Homebuyers Credit, and chose to purchase a new home despite the drop in home values across the country.
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Are You Due $123.5 Million in Tax Refunds?

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Every year, the IRS looks for taxpayers who, for one reason or another, did not receive their tax refund checks by mail.

For example, as late as November 2009, the Internal Revenue Service was still looking for taxpayers due to receive a combined $123.5 million in the form of 107,831 refund checks that were returned to the IRS by the U.S. Postal Service due to mailing address errors.

If you are military and moved during the tax year, thus having had a change of address, some of this tax refund money could belong to you and be undeliverable by mail. Maybe it's even more than you think.

FIRST-TIME HOMEBUYER TAX REBATE

For 2009 in particular, many active duty military and veterans combined their VA Home Loan benefits, including no downpayment and low interest rates, to the one-time First-Time Homebuyers Credit, and chose to purchase a new home despite the drop in home values across the country. The VA reported that VA Home Loan activity remained brisk throughout 2009.

Thus, your First-Time Homebuyer's Credit or Recovery Rebate Credit could be among the millions owed to taxpayers.

UPDATE YOUR ADDRESS TO GET YOUR REFUND

Don't delay any further if you think you are missing a tax refund; simply update your address online at the IRS website. The IRS will then send out all checks due. Some taxpayers are even due more than one check.

"We are always eager to get this money into the hands of taxpayers," said IRS Commissioner Doug Shulman. "The sooner you update your address information, the quicker you can get your refund."

Taxpayers can generally update their addresses with the Where's My Refund tool on IRS.gov.

E-FILE AND DIRECT DEPOSIT MEAN FASTER TAX REFUNDS

The IRS encourages taxpayers to file their tax returns electronically. E-file eliminates the risk of lost paper returns, reduces errors on tax returns, and speeds your refunds.

Go directly to direct deposit when you file your tax returns and bypass the mail altogether; you'll receive your tax refunds directly into your personal checking or savings accounts. Direct deposit is available for filers of both paper and electronic returns, so no matter how you choose to file your taxes, you can always direct your tax refund right into your pocket.



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