Time Is Running Out to Collect 2006 Refund

Here is a persistent myth about taxes: If you are getting a refund, there is no time limit on how long you have to file your federal income-tax return.
That may sound logical. After all, if you don't claim your refund on time, you're just hurting yourself.
But it's flat wrong. There are strict time limits -- and many people appear to be unaware of that.
The Internal Revenue Service announced recently that it's trying to deliver refunds totaling more than $1.3 billion to nearly 1.4 million people who still haven't bothered to file a federal income-tax return for the 2006 tax year.
To collect, these people typically must file their returns with the IRS no later than April 15 of this year, the IRS says.
"In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund," according to the IRS. "If no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury. For 2006 returns, the window closes on April 15, 2010."
The law requires that the return be "properly addressed, mailed and postmarked by that date," the IRS says. There's no penalty for filing a late return that qualifies for a refund.
Maybe some of those nonfilers didn't bother filing because the expected refund amount was tiny. But the median unclaimed refund amount for 2006 is $604, the IRS says.
The IRS offers another possible explanation: Maybe some didn't file because they didn't have enough income to require them to file for that year.
Whatever the case, make sure you're up to date on filing your returns not only for 2006 but also for 2007 and 2008. The IRS says taxpayers seeking a 2006 refund will discover that their checks will be held if they haven't filed for 2007 or 2008.
Also, the refund "will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past-due federal debts such as student loans," the IRS says.
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