Wash. D.C. IR-2017-50
The Internal Revenue Service announced that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return. The tax resolution of this money will go unclaimed unless the returns are filed within a 3 year period of the due date. The deadline for filing this years income tax is April 18th, 2017.
“We’re trying to connect a million people with their share of 1 billion dollars in unclaimed refunds for the 2013 tax year, said IRS Commissioner John Koskinen. “People across the nation haven’t filed tax returns to claim these refunds, and their window of opportunity is closing soon. The tax resolution of this money will close on April 18th, 2017. Students and many others may not realize there’re due a tax refund. Remember, there’s no penalty for filing a late return if you’re due a refund.” The IRS estimates the midpoint for potential refunds for 2013 to be $763; half of the refunds are more than $763 and half are less.
In cases where a tax return was not filed, the law provides most taxpayers with a 3 year window of opportunity for claiming a refund. If they do not file a return within three years, the money becomes the property of the U.S. Treasury. For 2013 tax returns, the window closes April 18, 2017. The law requires taxpayers to properly address mail and postmark the tax return by that date. The IRS reminds taxpayers seeking a 2013 refund that their checks may be held if they have not filed tax returns for 2014 and 2015. In addition, the refund will be applied to any amounts still owed to the IRS, or a state tax agency, and may be used to offset unpaid child support or past due federal debts, such as student loans.
Taxpayers who are unable to get missing forms from their employer or other payer should go to IRS.gov and use the “Get Transcript Online” tool to obtain a Wage and Income Transcript. Taxpayers can also file form 4506-T to request a transcript of their 2013 income. Taxpayers can then use the information on the transcripts to file their tax returns. This will allow the tax resolution of the refund money.