IRS Waiting On 1 Million Taxpayers To Claim Almost $1B In Refunds From 2012

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Because we know our readers aren’t the type to pass up free money, now would be a good time for you to check and make sure you claimed your 2012 tax refund: according to the Internal Revenue Service, about a million taxpayers have yet to collect almost a billion dollars in federal refunds from that tax year. And the clock is ticking.

Federal law gives most taxpayers a three-year window to claim an IRS refund, which means if you didn’t file your return for 2012, you’ve only got until April 18 (or April 19, in Massachusetts and Maine) to do so.

“The clock is ticking for taxpayers who didn’t file a 2012 federal income tax return, leaving nearly $1 billing in refunds unclaimed,” said IRS Commissioner John Koskinen. “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.”

It’s likely a good chunk of change you’d be missing out on, too: the IRS estimates the midpoint for potential refunds for 2012 is around $718, with half being worth more than $718 and half being worth less.

Before you try for that money, know this: refund checks will be held if the taxpayers haven’t filed returns for 2013 and 2014. The funds will also be applied to any amounts you owe to the IRS or state tax agencies, as well, and could be used to offset unpaid child support or overdue federal debts, including student loans.

Any money that isn’t claimed in time will go into the U.S. Treasury, never to be seen again, except by the magical goblins that work there. Wait, that’s Gringotts Bank from Harry Potter. But still, it’ll be gone.