Is The IRS Waiting For You to Claim a Refund?

refund

Every U.S. citizen meeting the minimum filing requirements is required to file a tax return.

If you don’t file and you owe the IRS you could end up in big trouble, facing fines in addition to the back taxes. If you engage in tax evasion you could go to prison. However, there are many people who don’t file their tax returns and the IRS owes them a refund.

In fact there are over 1 million taxpayers who have not yet filed their 2013 tax returns who are collectively owed over $1 billion in refunds.

Everyone has 3 full years to file before the IRS can legally take possession of the unclaimed refunds. So, if you haven’t filed your 2013 tax return (and/or subsequent years), this could be a lucrative time to make amends with the IRS. You have until April 18th to file.

The IRS has announced that at least half of the refunds are over $750. For someone who doesn’t know they have a refund coming this is a significant amount. Every state has taxpayers who are owed refunds on their 2013 taxes. Alabama alone has over 18,000 taxpayers who are owed a median amount of $729 per person. There are over 66,000 people in Florida, 34,000 in Georgia and 20,000 in Louisiana.

The trickiest part of filing a late tax return is making sure you have all the proper paperwork including money earned and W2 forms. Beware though that if you owe any other tax bills to the IRS or the state, or are behind on child support or federal student loans, the refund could be siphoned to offset those debts.