Tax refund money from 2007 waiting to be claimed, but time is running out
Friday, March 04, 2011
Did you file a return for the 2007 tax year? If not, then a portion of $1.3 billion in unclaimed refund money could belong to you.
In what is an annual spring rite, the IRS announces how many people didn't file returns three years ago and how much in refund money they're missing out on.
This year, nearly 1.1 million people didnt file a 2007 return, leaving Uncle Sam with a billion-plus extra dollars. On a more personal level, the IRS estimates that half of these potential refunds are $640 or more.
That's a nice chunk of tax change. And the rightful owners of the money still have a chance to get their hands on it. But not for much longer.
When a tax return is not filed, the law gives most taxpayers three years to claim a refund. If a taxpayer doesn't file within three years, Uncle Sam gets to keep the money.
Since 2007 returns were due in April 2008, the three-year claim winder closes on this year's filing deadline day, April 18.
So if you didn't file and think you are due a refund from three years ago, get to working on that return in addition to your 2010 taxes.
And be sure you filed your 2008 and 2009 taxes, too. The IRS won't send you your 2007 money if you didn't file returns for the subsequent years.
You can download prior year tax forms and instructions at the Forms and Publications page of IRS.gov. If you need past-year W-2, 1098, 1099 or 5498 forms, check with your employer or financial institution that made a payment to you years ago.
If you're unable to track down your old tax documentation, you can get a free transcript showing information from these year-end documents by ordering on-line, calling 1-800-908-9946 or by filing Form 4506-T, Request for Transcript of Tax Return, with the IRS.
Where the unclaimed tax dollars are: It's not surprising that the most populated states are the ones with the most residents who didn't file 2007 returns.
California, Texas, Florida, New York and Illinois top the most recent unclaimed refund list.
|State||# of Nonfilers||
But it's folks in Wyoming who could get bigger bucks. The IRS says the median refund amount in for residents of the Cowboy State who didn't file their tax year 2007 returns is $788.
Where does your state rank? Check out the full state list of 2007 unclaimed refunds.
- Time to think about your 2006 taxes (2010)
- $1.3 billion due 2005 nonfilers (2009)
- Forget 2008 returns; check '05 taxes, too (2009)
- $1.2 billion available in unclaimed refunds (2008)
- Refund time running out (2007)
- Refund money going, going, gone next week (2007)
- Are you missing some tax money (2006)
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thanks, Jeff. You made my day!
Posted by: Kay | Monday, October 31, 2011 at 12:36 PM
"Don't Mess With Taxes" is amazing...Tons of great tax information. Thanks
Posted by: Jeff Fouts | Monday, October 31, 2011 at 12:01 PM
thanks for the info, i never filed for my tax return in 2007, I should probably get onto it now.
Posted by: [email protected] | Tuesday, June 14, 2011 at 10:40 AM