$35 million available for Georgians who had not filed a 2007 ret - WTVM.com-Columbus, GA News Weather & Sports

$35 million available for Georgians who had not filed a 2007 return

From IRS.gov

ATLANTA — Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people nationwide who did not file a federal income tax return for 2007.

In Georgia more than $35 million in unclaimed refunds awaits nearly 37, 000 individuals. However, to collect the money, a 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 in Georgia are $590 or more.

"Time is running out if you want to get your refund," said IRS Spokesman Mark Green. "Taxpayers should review their 2007 statements for refundable credits and withholdings. We want all taxpayers to file a tax return and get the refund they're due."

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.

"In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund," said Green. "If no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury."

For 2007 returns, the window closes on April 18, 2011. The law requires that the return be properly addressed, mailed and postmarked by that date. There is no penalty for filing a late return qualifying for a refund.

The IRS reminds taxpayers seeking a 2007 refund that their checks will be held if they have not filed tax returns for 2008 and 2009. In addition, the refund will be applied to any amounts still owed to the IRS, and may be used to offset unpaid child support or past due federal debts such as student loans.

By failing to file a return, people stand to lose more than a refund of taxes withheld or paid during 2007. In addition, many low-and-moderate income workers may not have claimed the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds, which in 2007 were $39,783 for those with two or more children, $35,241 for people with one child, and $14,590 for those with no children. For more information, visit the EITC Home Page.

Current and prior year tax forms and instructions are available on the Forms and Publications page of IRS.gov or by calling toll-free 1-800-TAX-FORM (1-800-829-3676).

Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for 2007, 2008 or 2009 should request copies from their employer, bank or other payer.

If these efforts are unsuccessful, taxpayers can get a free transcript showing information from these year-end documents by calling 1-800-908-9946, or by filing Form 4506-T, Request for Transcript of Tax Return, with the IRS.

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