IRS says $1.1 billion unclaimed from 2007

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Nearly 1.1 million Americans could receive tax refunds totaling $1.1 billion.

That’s how much the Internal Revenue Service says is available to people who didn’t file federal income tax returns for 2007.

To collect the money, however, these people must file a return for 2007 no later than Monday, April 18.

The IRS estimates that half these potential refunds are $640 or more.

Although some people may not have filed because they had too little income to be required to file, they may still be eligible to receive a refund.

If returns aren’t filed to claim a refund within three years, the money becomes property of the U.S. Treasury.

There is no penalty for filing a late return that qualifies for a refund.  Refunds for 2007, however, will be held until tax returns are filed for 2008 and 2009. Refunds will be applied to any amount that people still owe to the IRS, and may be used for unpaid child support or past-due federal debts, such as student loans.

For more information, or to obtain tax forms and publications, visit www.IRS.gov or call 1-800-TAX-FORM (1-800-829-3676).