Monday, April 2, 2012

Deadline Approaching

April 17th is a deadline for more people than those of us who have to file a 2011 federal income tax return.

It is also the "drop dead" date for people who have not yet filed their 2008 tax return and are owed a refund. That's because the Internal Revenue Code (a law passed by Congress, not made up by the IRS) says that you have three years from the original due date to file a tax return and get any refund owed to you. The due date for 2008 federal tax returns was April 15, 2009 -- almost three years ago.

Suppose you haven't filed any returns for 2008, 2009 and 2010 and you're due a refund for 2008. The IRS might hold your check for 2008 until you file 2009 and 2010, just in case you owe for those years. They will also hold a refund if you have any other unpaid tax liabilities they know about or for things like back child support. Even then, filing your 2008 return could reduce those debts which is a good thing.

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