IRS owes $1B in unclaimed refunds; get your money!
- Author: Darren Santiago Mar 06, 2017,
Mar 06, 2017, 0:48
This week's checks are for the first 254 tax filers who filed their 2016 income tax returns by January 10, and whose forms didn't have any issues, said governor's spokeswoman Oyaol Ngirairikl.
IRS Commissioner John Koskinen said, "We're trying to connect a million people with their share of 1 billion dollars in unclaimed refunds for the 2013 tax year".
(Yes, you get a few extra days this year.) That said, you technically have a three-year window to claim a refund, which means that if you've yet to file your 2013 return, you still have over a month to do so.
The IRS said students and low income workers are two major groups that sometimes don't file because they don't think they need to.
If you're eligible for a 2013 federal tax refund, you have until April 18 to file.
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Over 20,000 Louisiana taxpayers are due a refund from the federal government and time is running out to claim them.
The law gives most taxpayers three years to file a return if they claim a refund.
The IRS reported that, by February 24, the decline in the number of refunds issued had also reduced, to 11 percent - from 46.5m in 2016 to 41.4m this year - as against the 62 percent fall experienced by February 3. In general, the IRS estimates the midpoint for potential refunds for 2013 to be $763; half of the refunds are more than $763 and half are less.
Failure to file a return also makes you ineligible for several tax credits. The same holds true if you're delinquent on a federal student loan or child support payment - you won't get that money in hand, but instead, it will be used to offset your obligations. Taxpayers missing Forms W-2, 1098, 1099 or 5498 for tax years 2013, 2014 or 2015 should request copies from their employer, bank or other payer, the IRS said.