More Than $1billion Tax Refunds Awaiting Owners Who Did Not File the Federal Returns for 2007
Time is Running Out for Claiming 2007 Tax Year Refunds
Why?
Because, they did not file tax returns for tax year 2007.
Remember, no filing, no refund, whether you do not owe taxes or the government owes you money.
April 18, 2011, is the last date the real owners of those refunds can make any claim for that money. After that date, the three-year statute of limitations kicks in and IRS has to hand that money over to the treasury.
What needs to be done?
No, there is no electronic filing in 2011 for a 2007 tax return. You have to complete a 2007 paper return. The 2007 forms are available for download from the IRS website.
Make sure you have signed and properly addressed it. Then mail it to IRS sufficiently early so that it reaches the taxman on or before Monday, April 18, 2011.
Usually, by the time you come to the end of the application you will know if any money is due to you.
That is because half those unclaimed refunds are taxes withheld from your wages or estimated payments made in advance by you in the year 2007. Probably you already have the supportive documents.
Another category includes those who failed to claim the Earned Income Tax Credit (EITC) available to parents who spend money for children's education.
Many people, who find their adjusted gross income is below taxable limit, may ignore this credit thinking credit is a deduction or that such credits are available only if you pay taxes to the government.
Credits like EITC are incentives given by the government; so if there is money left after any you owe to the government, that excess money will be refunded.
But, the government can give such balance to you only if you make a claim for it.
Since you did not claim the 2007 refund on time, the law requires that you should have filed the tax returns for years 2008 and 2009 too.
This is to make sure that you did not have any outstanding debts you owe to the government including delinquent child support.
If any such unpaid debts exist, then your refund for 2007 will be reduced by such amounts.
Published by scribbler
Legal and Financial Proofreader View profile
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- More than $1 billion dollars await non-filers of 2007 tax returns.
- That money belongs to more than 1 million persons who should have claimed those refunds.
- Due to Statute of limitations, the last date to file a return for 2007, is April 18, 2011.