Time running out to claim 2005 tax money

About 23,700 Coloradoans would be eligible for $20.7 million – a median amount of $532 per individual – if only they would file a 2005 tax return.

The Internal Revenue Service announced Tuesday that taxpayers must file returns by April 15 in order to collect a refund for 2005 taxes.

It’s not exactly chump change, either. Nationwide, more than a million people, whose refunds total about $1.3 billion – did not file during 2005.

IRS Commissioner Doug Shulman said people “may be leaving money on the table, including valuable tax credits that can mean even more money in their pockets.”

More than half of those who could claim refunds for tax year 2005 would receive more than $581, the IRS estimated.

One caveat – to receive a 2005 tax refund, individuals must also file 2007 and 2008 tax returns.

For current and prior year tax forms, visit the IRS Web site.