The IRS has announced that nearly 1.1 million people who did not file Federal Income Taxes in 2007 could be entitled to refunds adding up to $1.1 billion! There is a catch: in order to collect this refund, you must file a return for 2007 no later than Monday, April 18, 2011 so do not delay in filing!
Some who did not file in 2007 may have done so because their income was too small to require filing even though they had withholdings from their wages. IRS tax law allows most taxpayers with a 3-year period where they can claim a refund in cases like these, where returns are not filed. However, once these 3 years pass, the money goes back to the U.S. Treasury, so do not miss out on this opportunity! There is no penalty to file a late return which qualifies for a refund, so do not fear filing for 2007. However, if you have not filed returns for 2008 and 2009, the IRS may hold your refund check and it will be applied to any debt owed to them. Furthermore, it may also be used to pay other debts, such as unpaid child support or past-due student loans.
Additionally, by failing to file in 2007, many low-income workers may not have claimed the Earned Income Tax Credit (EITC), which could help them get some more money from the IRS.
You can find prior year tax forms and instructions on the Forms and Publications page of IRS.gov or by calling 1-800-TAX-FORM (1-800-829-3676). Also, if you are missing your Forms W-2, 1098, 1099, or 5498 for 2007, 2008, or 2009, you should request copies from your employer, bank, or other payer. If you have difficulty finding these documents, you can request free transcripts by ordering online or calling 1-800-908-9946 or by filing Form 4506-T.
Refer to the chart below (from IRS Publications) for the potential refunds for 2007:
Do not delay! Get your refund now if this applies to you!