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Tax Tip of the Week | No. 349 | IRS Holds $950 Million for 2012 Non-Filers April 6, 2016

Posted by bradstreetblogger in : General, Tax Deadlines, Tax Tip, Taxes , trackback

Tax Tip of the Week | April 9, 2016 | No. 349 | IRS Holds $950 Million for 2012 Non-Filers

Federal income tax refunds totaling $950,349,000 are waiting for an estimated 1 million taxpayers who did not file a federal income tax return for 2012.

To collect, these taxpayers must file a 2012 federal return no later than this year’s April deadline.

“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,” said IRS Commissioner John Koskinen.

The IRS estimates that the median refund is $718. If no return is filed to claim a refund within three years, the money becomes the property of the U.S. Treasury. The window closes on April 18 (April 19 for taxpayers in Maine and Massachusetts). A 2012 refund check may be held if the taxpayer hasn’t filed tax returns for 2013 and 2014.

The states with the most taxpayers potentially due 2012 refunds are Texas (96,400 non-filers due a potential median refund of $771), California, (94,900 non-filers, median refund $656), Florida (64,700 non-filers, $721) and New York (57,600 non-filers, $796).

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