The Government Has $1 Billion in Unclaimed Tax Refunds

The IRS might have some of your money socked away! 


If you forgot to file a tax return in 2013, the government may owe you more money than you thought.

On Wednesday, the IRS announced that it currently has more than $1 billion in unclaimed tax refunds for about 1 million taxpayers who didn't file a 2013 federal income tax return. But if you want to collect the money, you have to act fast: The IRS said taxpayers must file a 2013 tax return with the IRS no later than April 18. After that, the money becomes property of the U.S. Treasury.

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IRS regulations don't require a federal tax return for people whose income is less than a set level, depending on filing status, age and the type of income received. But those taxpayers may still benefit from filing, to get back any federal income tax withheld from a paycheck or claim any refundable tax credits.

Taxpayers typically have three years from the point that return was due to file and claim their refund. After that, funds become the property of the U.S. Treasury. So to grab any money owed, you'll have to file that 2013 return by this year's tax deadline of April 18.

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