IRS Has $1 Bln. In Unclaimed Tax Refunds From 2013

IRS Has $1 Bln. In Unclaimed Tax Refunds From 2013
IRS Has $1 Bln. In Unclaimed Tax Refunds From 2013
Author

06 March, 2017

It's hard to believe but the Internal Revenue Service or IRS says more than 1-billion dollars is sitting and waiting to be claimed by one-million American taxpayers.

"We're trying to connect a million people with their share of $1 billion in unclaimed refunds for the 2013 tax year", IRS Commissioner John Koskinen said in a news release.

The significant slowdown earlier in the month was said to be due to the IRS's delay until February 15 in processing returns claiming the earned income tax credit and the additional child tax credit.

IRS pointed out that by failing to file a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2013.

For those interested in getting the money back, you have until April 18 to file your taxes.

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You can find prior tax forms and instructions on filing at IRS.gov. If you don't, that cash becomes the property of the U.S. Treasury.

Ed Villanueva is a local tax agent who said he gets many clients asking about refunds from previous years. In general, 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.

Taxpayers seeking a 2013 refund may see their checks withheld if they haven't filed returns in 2014 and 2015.

"There's a lot of things [.] credits, especially credits and deductions that you have to put on your tax return that could mean an even bigger refund", Sanford said. You can find that publication here.


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