Time is running out to claim your share of the $1.1 Billion pool of money the IRS has set aside to give to the million or so people who didn’t file a federal tax return for the 2007 tax year. The amount of money many people stand to receive is a sizable sum. The IRS estimates that at least half of the abandoned returns are for more than $640.
In addition to the refund, those who failed to qualify are often lower income filers who may be missing out on the earned income tax credit. That’s even more money left on the table. But most people who qualify are those who simply thought they didn’t make enough money in 2007 to make it worthwhile to file. College students and the like who may have only made a small amount of money during the year and weren’t required to file, but even so, they are still eligible for a refund.
So, how do you go about getting your old 2007 unclaimed return? Well, you have to file your 2007 income tax return by April 18th, 2011. As you can see, that means time is running out. Once that deadline passes, that money will be gone forever. If you do decide to finally claim your 2007 refund, remember that your check will be held until the IRS has received your 2008 and 2009 tax returns as well. And, if you owe other federal debts, child support or back taxes, the refund will be applied to those amounts.