April 15, 2008 was the last day to claim your 2004 refund!
This time of the year, many people seem to panic to complete their tax returns before the deadline to avoid late-filing penalties. This deadline in April is not only the last day to file on-time for the current year (2007), but also the last day to claim a tax refund for a prior year.
April 15, 2008 was the last day you can claim your refund for 2004 taxes. Any 2004 returns filed after this date will not be eligible for a refund even if it is calculated that you are due one from the IRS. Furthermore, this “expired” refund cannot be used as a payment towards your future taxes (such as 2005, 2006 or 2007 taxes), essentially this money you were entitled to is gone forever.
Important Facts about IRS Time Limits and Statute of Limitations
- You have 3 years from the original deadline date to claim a tax refund for that year (i.e. 2005 taxes were due on April 17, 2006; therefore, the refund can be claimed until April 17, 2009.)
- The IRS can audit your return and make adjustments to your tax liability up to 3 years after the filing date of the return. If your return is on-time, the 3 year clock begins to tick after that year’s deadline.
- The IRS has 10 years to collect any past due taxes. The 10 year time period begins on the day your tax liability is finalized or calculated by the IRS.
