Tax Refund Deadline

Last week I told you how to track down your tax refund.  Forget about this year’s refund for a minute.  Let’s focus on a past refund you may have coming to you.

The IRS wants to give you money.  How’s that for a headline?.  If you didn’t file a 2006 tax return, even though you were due a refund, you have less than six weeks to claim the cash.

After April 15, the three year window of opportunity closes for good and Uncle Sam gets to keep the money.  Now, you don’t want that, do you?

The federal government is holding $1.3 billion in unclaimed refunds from the 2006 tax year.

Here in Oklahoma, the IRS has $15.8 million in refunds for more than 18,000 people who failed to file that year.

The IRS says the estimated median refund for Oklahomans… meaning half the checks will be larger and half smaller… is $576.

Don’t want to claim your share because you’re afraid you’re in trouble for not filing?  Don’t worry… for the most part.

  • The IRS says there’s no penalty for late filing where the taxpayer is due a refund.
  • But if you ran up an IRS bill after that, or didn’t file tax returns for ’07 or ’08, you either may not get the full amount or the check will be held.

So if you have cash coming to you, get on the ball.  After April 15th, your refund money stays in Uncle Sam’s pocket.  And believe me, he would love to keep it.

For more info on how to claim a past year’s refund, go to irs.gov.

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