$1 Billion in 2008 Refunds Undelivered

The clock is ticking on your ability to collect your 2008 refund if you haven’t already done so. You have until April 17, 2012, to submit a tax return for 2008, which acts as a claim for refund. The IRS estimates that about 1 million people may be entitled to a refund if they file.

Some people may not have filed because their income was too low to require them to file. However, filing is necessary to obtain a refund of taxes that have been paid but are not owed. Others with low or moderate income may be eligible for the earned income tax credit, which can be refunded even if it exceeds the amount of tax owed. In both instances, no payments are made to taxpayers without their filing tax returns.

Source: IR-2012-26, 2/24/12