The IRS Has $1.3 Billion for People Who Have Not Filed a 2006 Tax Return

The Internal Revenue Service announced that 1.4 million people did not file a federal income tax return for 2006. Now, when a taxpayer is entitled to a refund but does not file a tax return, that taxpayer will not be issued their refund—this is called an unclaimed refund. Unclaimed refunds total more than $1.3 billion for the tax year 2006! If you did not file a 2006 tax refund and think you have a refund due, you must file your 2006 return with the IRS no later than Thursday, April 15, 2010.
The IRS estimates the average unclaimed refund for tax-year 2006 is about $604.
There are various reasons taxpayers decide not to file a tax return, some people may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments. $604 is a good reason to file your 2006 tax return. Here’s the bottom line: taxpayers only have three years to file a tax return to claim a refund; after the three years have passed, money that should have been yours, becomes property of the U.S. Treasury. For 2006 returns, this three year window closes on April 15, 2010. Though back-year tax returns cannot be filed electronically, taxpayers can still speed up their refunds by choosing to have them deposited directly into a checking or savings account. If you need help getting back tax years filed hire a tax professional.