Want Your Share of $1.3 Billion? File Your 2006 Return

You were busy. You didn't think you had to file. You forgot. Whatever the reason for not completing your 2006 tax preparation and forms, there's still time to file and get right with the IRS. And now, there is an additional reason-possibly claiming your share of more than $1.3 billion.

According to the IRS, there is more than $1.3 billion waiting in unclaimed refunds for those who did not file their federal income tax return in 2006. However, to collect the money, a 2006 return must be filed no later than Thursday, April 15, 2010.

If a return was not filed, the law provides most taxpayers with a three-year window for claiming a refund. If no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury. The estimated median unclaimed refund for tax-year 2006 is $604.

For 2006 returns, time is up April 15, 2010. There is no penalty for filing a late return qualifying for a refund. IRS officials say that 2006 returns cannot be filed electronically, but "taxpayers can still speed up their refunds by choosing to have them deposited directly into a checking or savings account."

Refunds will not be sent if taxpayers owe money for previous years. Also, the refund will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past due federal debts such as student loans.

Can't lay your hands on your 2006 W-2s? Check with your local tax return preparation service or irs.gov to obtain a tax transcript.

For more details on completing your 2006 tax returns, consulting with a skilled tax preparer is always an advisable strategy.