Usually the IRS wants your money, however unclaimed refunds totaling approximately $1.2 billion are awaiting nearly 1.3 million people who failed to file a federal income tax return for the tax year 2004. However, to collect the money, a return for 2004 must be filed with an IRS office no later than October 15, 2008. Those due a refund who did not file a 2004 tax return could collect even more money by also filing a 2007 tax return to claim the economic stimulus payment. The IRS estimates that half of those who could claim refunds for tax year 2004 would receive more than $552. In some cases, individuals had taxes withheld from their wages, or made payments against their taxes out of self-employed earnings, but had too little income to require filing a tax return. Some taxpayers may also be eligible for the refundable Earned Income Tax Credit. In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim the refund within three years plus extensions, the money becomes property of the U.S. Treasury. For 2004 returns, the window closes on October 15, 2008.

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