Tax Tip #11: Billions of Dollars Are Waiting To Be Claimed From the 2004 Tax Year
There are 1.2 billion dollars in tax refunds waiting to be claimed from the 2004 tax year. This surplus exists because approximately 1.3 million people did not file a tax return for that period. And more than half of those tax payers will receive more than $500.
There is a three-year window to claim your refund. In order to collect a refund, a 2004 tax return must be filed by April 15th, 2008. If unclaimed, the funds become property of the U.S. Treasury.
Keep in mind, if you haven’t filed a return for 2005 or 2006, the IRS will hold your refund. The IRS may apply your refund to the amounts you owe for subsequent tax years.
Prior year forms are available on the IRS website or by calling 1-800-TAX-FORM (1-800-829-3676). For more information about filing prior year returns, send me an e-mail or contact your local tax professional.