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Unclaimed Tax Refunds Total $1 Billion

Unclaimed Tax Refunds Total $1 Billion

The IRS reported Wednesday it has a total of $1 billion of unclaimed tax refunds related to unfiled 2013 income tax returns.

The IRS estimates the median tax refund is $763.  Taxpayers can claim their refunds by filing a 2013 federal income tax return by Tuesday, April 18, 2017.  That is the same day as the filing deadline for the 2016 tax year.

IRS Commissioner John Koskinen, in a statement to Tax Pro Today, said, “We’re trying to connect a million people with their share of 1 billion dollars in unclaimed refunds for the 2013 tax year.  People across the nation haven’t filed tax returns to claim these refunds, and their window of opportunity is closing soon. Students and many others may not realize they’re due a tax refund. Remember, there’s no penalty for filing a late return if you’re due a refund.”

The Internal Revenue Code gives taxpayers three years to claim refunds for income tax returns they have not yet filed. If they don’t file a return within that time, the refund expires and becomes the property of the U.S. Treasury. To claim a 2013 tax refund, taxpayers need to properly address, mail, and postmark their federal income tax return by April 18, 2017.

However, taxpayers may not receive the refund. The IRS warned it may still hold onto the 2013 federal income tax refund money if taxpayers have not yet filed their tax returns for 2014 and 2015. The IRS will also apply the tax refund to any amounts still owed to the IRS or a state tax authority.  Finally, the government may apply the tax refunds to unpaid child support or other past due federal debts, such as student loans.

Unclaimed Refunds by State

Visit Tax Pro Today to get the state-by-state breakdown of unclaimed tax refunds:  https://www.taxprotoday.com/news/irs-has-1-billion-in-unclaimed-tax-refunds-waiting

So, contact Chicago CPA and attorney Brian J. Thompson to file your unfiled tax returns and claim your income tax refund.