The IRS might have your money: the tax agency has announced that more than $1.4 billion in outstanding tax refunds remain unclaimed from 2015
“We’re trying to connect over a million people with their share of $1.4 billion in potentially unclaimed refunds for 2015,” said IRS Commissioner Charles Rettig. “Students, part-time workers and many others may have overlooked filing for 2015. And there’s no penalty for filing a late return if you’re due a refund.”
Of course, if you owe the feds money for student loans or back taxes, for example, or if your refund is otherwise earmarked for seizure, such as for child support obligations, any tax refund will be offset by the amounts owed . Additionally, if you are not compliant or if you have not filed tax returns for 2016 and 2017, the IRS may hold your tax refund.
If you don’t file for your refund within the proper time frame, you lose your right to claim it: It becomes the property of the U.S. Treasury. How much is at stake? The IRS estimates the midpoint for the potential refunds for 2015 to be $879; half of the refunds are more than $879 and half are less. Those refund amounts could be even more than the estimates since they do not include the Earned Income Tax Credit .
Why might you be due a refund? Maybe you had too much withholding from your wages or made too much in quarterly payments. You might have also been eligible for the EITC. Even though you were due a refund, you might not have filed because you had too little income to require filing a tax return and you thought it wouldn’t make a difference. But that’s not always the case.
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