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[ 0 ] Apr. 11, 2011 | SBO Editor

Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007. However, to collect the money, a properly addressed, mailed and postmarked return for 2007 must be filed with the IRS no later than Monday, April 18, 2011.

The IRS estimates that half of these potential 2007 refunds are $640 or more from taxes withheld or estimated payments made during 2007. In addition, many low and moderate income workers may not have claimed the Earned Income Tax Credit (EITC).

The IRS reminds taxpayers that a 2007 refund will be held if they have not filed for 2008 and 2009 or applied to any amounts owed to the IRS, or used to offset unpaid child support or past due federal debts.

Visit www.irs.gov to learn how to file for your potential refund.

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Category: Features