By Michael Cohn of Accounting Today
The Internal Revenue Service said Wednesday it has a total of $1 billion worth of unclaimed tax refunds waiting for people who have not filed a 2013 income tax return.
The IRS estimates half the refunds are over $763, while the other half are less than that amount. Taxpayers can claim their refunds by filing a 2013 federal return by Tuesday, April 18, 2017, the filing deadline for this year.
“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 in a statement. “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.”