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How Long Tax Amendment

Question: Tax Amendment for tax year 2007?

How long do i have to do the amendment for the tax year 2007. I heard from someone it is 3 years. Can anyone tell whether if it’s correct. If it is, then please tell whether its 3 years from 2007 {which is 2010 and I should do the amendment by this April} OR is it 3 years from april 2008 (actual filing time) so I have enough time until April 2011.

Thanks

Answer: You have 3 years from the original filing deadline to claim a refund. For tax year 2007 that would be April 15, 2011.

Regardless of the fact that you still have time, you are losing the time value of that money every day that you wait because the IRS won’t pay interest on what they owe you until 45 days after you file your return. And statistically speaking, someone who has slow-leaked it for 2 years already will never file the return by the 3-year deadline and will lose their refund.

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