Tax refund due from 2004? You still have time.

March 21st, 2008 at 12:53pm Deborah Austin

If you didn’t file an income tax return in 2004 — and you were owed a refund – you still have time to file and claim one, says the IRS.  Until April 15, 2008, that is.

The IRS has more than $53 million for about 50,000 residents of Illinois who have not filed their 2004 income tax returns, said spokeswoman Sue Hales. But won’t you be in trouble if you didn’t file sooner?

“Returns that qualify for refunds, if they’re filed late, are not assessed penalty or interest,” Hales said. “But if you don’t claim it within three years, it becomes the property of the U.S. Treasury.”  For 2004, that three-year window ends this April 15. 

Even low-income workers who may not have made enough money to reach the filing requirement in 2004 may have a refund of withheld taxes coming, she said.

Of course if you owed a balance due and did not file in 2004, then you would be assessed penalties and interest, Hales said. And if you thought you were owed a refund for 2004, but were audited and it was found additional taxes were due, then you also could be assessed penalties.  Also, your refund check could be held if you have not filed tax returns for 2005 or 2006.

To find current and prior year tax forms you can go to the IRS Web site at www.irs.gov or call 1-800-TAX-FORM.  If you need further help you can call the IRS at 1-800-829-1040.

Any returns must be properly addressed, postmarked and mailed by April 15.

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