The Internal Revenue Service (IRS) says it has over one billion dollars in unclaimed tax returns from 2013.
"People across the nation haven't filed tax returns to claim these refunds, and their window of opportunity is closing soon", IRS Commissioner John Koskinen said in a statement.
The reason? These 20,200 people never filed their 2013 federal tax return. If you didn't file you're tax return in 2013, you are *NOT* guaranteed a tax refund.
The department expects island taxpayers who owe taxes to file by the deadline, which will be April 18 this year, instead of the traditional April 15 filing date. It varies by state, with estimates ranging from $619 in Idaho to $917 in Alaska.
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Now if you're anxious that filing your 2013 tax return three years late will result in a penalty that wipes out any potential refund and then some, fear not.
Does the US government still have your money?
The only way you'll find out is by filing.
The midpoint for potential refunds for 2013 is estimated to be $763. Students and many others may not realize they're due a tax refund. They may also be used to offset unpaid child support or past due federal debts such as student loans. Many low- and moderate-income workers may have been eligible for the Earned Income Tax Credit, which was worth as much as $6,044 in 2013. The department recently confirmed it banned a few dozen taxpayers from claiming the Earned Income Tax Credit for claiming the tax credit even if they don't qualify.
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