Can I still Get My Old Tax Refunds?
April 11, 2008
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This is part of our Financial Literacy Month Question and Answer series
Question: Can I still get my 2005, 2006 or 2007 refund?
Answer: If you didn’t file a tax return in 2005, 2006 or 2007, there’s still time.
But, for 2004, it’s too late because there’s a 3 year statute of limitations on refunds from the date it was originally due.
So you have until April 15, 2009 for a 2005 refund and April 15, 2010 for 2006. But why wait? The IRS isn’t paying interest!
This is all true for state refunds, too. In most cities, you can still get in to H&R Block to have your old returns completed. (Note: I am an H&R Block tax preparer licensed by Oregon).
There’s no penalty for filing late but if you have back IRS taxes, child support or student loans, you may not get it all back. Any refund you have coming to you will be applied to those debts, first. But at least you won’t owe them any more (or your balance will be lower).
If you want to do it yourself, you can download a 2004 Form 1040 from IRS.gov. If you need other forms, you can get them from the Prior Year Forms. Instruction booklets are also there.
NOTE: the IRS won’t send you a 2005 refund if you haven’t filed for 2006 and 2007.
Your Economic Stimulus check will also be “snagged” if you have back tax debt.
What are you waiting for?
Warmly, Cindy
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