File your tax returns: IRS has $950 Million in owed refunds for taxpayers who never filed their 2012 return.
An estimated one million taxpayers may lose out on their 2012 tax refunds because they never filed. They have until the April 18th 2016 deadline to collect.
"A surprising number of people across the country overlook claiming tax refunds each year. But the clock is ticking for taxpayers who didn't file a 2012 federal income tax return, leaving nearly $1 billion in refunds unclaimed," said IRS Commissioner John Koskinen. "We especially encourage students and others who didn't earn much money to look into this situation because they may still be entitled to a refund. Don't forget, there's no penalty for filing a late return if you're due a refund.”
The law allows a three-year window after the initial filing date to still meet the filing deadline. The IRS reports the median owed refund at $718. If a tax return is not filed within the three-year window the refund than stays with the U.S. Treasury.
If a taxpayer files on time in 2013 or 2014, the refund may be applied if a tax is due.
The IRS warns than many who have not filed may be missing out on the Earned Income Tax Credit (EITC). In 2012, the tax credit is worth as much as $5,891. So failing to file means losing out.
You can learn more by visiting the IRS website or reaching out to a TaxBuzz professional for assistance.
The chart below shows a breakdown of owed refunds by state: