Are you interested in receiving an extra $847? That was the median tax refund due for unfiled 2014 returns. Unfortunately, if you never filed your return, you missed your chance to get your refund.
That’s right, the money’s gone. It’s now property of the United States Treasury.
The IRS gives taxpayers three years from the due date (tax day) to file a return and claim a refund. If you don’t file within three years, you forever waive your right to that money.
Over $1 Billion in Unclaimed Tax Refunds
The IRS stated that about $1.1 billion in unclaimed tax refunds was waiting for the 1 million taxpayers who were owed a refund for their 2014 taxes but never filed a return. There is no penalty for filing your tax return late if you are owed a refund.
Next year, the same situation will play out again on tax day. Taxpayers who didn’t file 2015 returns are on the clock, with less than a year to file their taxes and claim their refunds.
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