40 Million Taxpayers Forget To Collect The Telephone Excise Tax

Remember the telephone excise tax? For 40 million taxpayers, the answer is “no.” From Kiplingers:

Although nearly everyone who had a phone at any time between March 1, 2003, and July 31, 2006, deserved the credit, the IRS says that 30% of taxpayers failed to claim it. That means 40 million taxpayers missed the boat … and a chance to boost their refund (or cut their tax due) by $30, $40, $50 or $60.

You can still pry your money from the government by spending fifteen minutes with Form 1040X. X as in, remember the X-cise tax. Kiplinger’s has a step-by-step guide to claim the credit that is rightfully yours. — CAREY GREENBERG-BERGER

Taxpayer Snafus [Kiplingers]
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IRS Form 1040X (PDF)