If you didn't filed a federal income tax return for 2012, you may be poorer for it.
The Internal Revenue Service (IRS) has refunds totaling $950 million for an estimated one million taxpayers. All you have to do to collect is file a 2012 tax return no later than this year's April tax deadline.
"A surprising number of people across the country overlook claiming tax refunds each year. But the clock is ticking for taxpayers who didn’t file a 2012 federal income tax return, leaving nearly $1 billion in refunds unclaimed," said IRS Commissioner John Koskinen. "We especially encourage students and others who didn't earn much money to look into this situation because they may still be entitled to a refund. Don't forget, there’s no penalty for filing a late return if you’re due a refund.”
The median for potential refunds for 2012 is estimated at $718, with half being worth more and half less.
The law provides most taxpayers with a three-year window of opportunity for claiming a refund if they haven't filed. If no return is filed to claim a refund within that period, the money goes to the U.S. Treasury.
There is a catch of sorts. Your 2012 refund may be withheld if you haven't filed tax returns for 2013 and 2014. And, it will be applied to any amounts you owed the feds or your state tax agency, and may be used to offset unpaid child support or past due federal debts, such as student loans.
Here's a breakdown, by state, of available refunds:
|State or District|
|District of Columbia|