IRS Has 1 Billion in Refunds Waiting for Taxpayers Who Did Not File for 2011


The Internal Revenue Service said it has federal income tax refunds totaling $1 billion waiting for an estimated 1 million taxpayers who did not file a federal income tax return for 2011.

To collect the money, these taxpayers must file a 2011 tax return with the IRS no later than Wednesday, April 15, 2015. "Time is running out for people who didn’t file a 2011 federal income tax return to claim their refund," said IRS commissioner John Koskinen in a statement. "People could be missing out on a substantial refund, especially students or part-time workers. Some people may not have filed because they didn’t make much money, but they may still be entitled to a refund.”

The IRS estimated that half of the potential refunds for 2011 are more than $698. In cases where a tax return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. For 2011 tax returns, the window closes on April 15, 2015. If no return is filed to claim a refund within three years, the money becomes property of the U.S. Treasury.

Source: AccountingToday

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