Time is Running Out to Collect 2007 Tax Refunds

The IRS kindly reminded us that an estimated billion dollars in unclaimed refunds will expire April 18, 2011. The deadline for receiving a refund on your tax return is 3 years from the date due. The return for tax year 2007 was due April 15, 2008 and no claims for a refund will be accepted after April 18, 2011. (Though the tax return is still legally due!)

“The IRS estimates that half of these┬ápotential 2007 refunds are $640 or more from taxes withheld or estimated payments made during 2007.”

Many taxpayers who have not filed past returns no longer have all the records needed. The first step is to get a transcript of what information the IRS has on file for that tax year. Try the online procedure as long as you don’t need the transcript mailed to a different address than what the IRS has on file. You must file a paper Form 4506-T instead. Then get started on your 2007 tax return.

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