Wednesday, May 25, 2011

How Long Do You Have to Claim a Refund from the IRS?

Unfortunately, you don't have an unlimited amount of time to claim a refund from prior year tax returns. For example, suppose you finally find a receipt for an expense that you could have claimed (but didn't) on your 2009 return. You review the tax return and decide that you can back $1000 if you amend it. Well, it's  probably too late to get that refund.  Generally,

1) You must file a claim for a credit or refund within 3 years from the date you filed your original return.

OR 

2) You must file a claim for a credit or refund 2 years from the date you paid the tax.

You pick the date that is the latest. If you timely filed your 2009 return on 4/01/2010 you would have until 4/15/2013 to amend it and claim a refund.

But suppose that you had amended your 2009 return on 5/15/2011 and paid some additional tax with that filing. Then you would have until 5/15/2013 (2 years) to amend it again to claim a refund (up to the amount you paid on 5/15/2011).

You can refer to IRS Pub 556 for more details.

Brycast Financial Planning in Austin Texas --- We Can Help
Income Tax Preparation in Austin Texas

contact: service@brycast.com http://www.brycast.com/
Enrolled Agent; Investment Advisor Representative

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