WASHINGTON, D.C. (NBC) – The deadline to file your taxes for 2019 is just around the corner. But the IRS said there are still lots of people who are due a refund from previous years.
The only way to get a tax refund is to file a tax return, but not everybody does that. Maybe you forgot or didn’t think you had to, especially if you didn’t make that much money, but the IRS warns that could mean you’re missing out.
There are $1.4 billion in unclaimed refunds dating back all the way from 2015.
Taxpayers have three years to claim their cash, so that means if you don’t make a move before April 15, the deadline to file your taxes, that money becomes the property of the government forever.
Edward Karl with the American Institute of CPAs said, “We found over time that a lot of times people are hesitant to file because of some event that takes place. There’s a divorce, they’re ill or a family member is ill or they lost a job, that type of situation.”
For 2015, the median unclaimed refund is $879. The amount due back to taxpayers also varies widely by state.
The IRS estimates about 129,000 people in Texas have unclaimed refunds worthy roughly $158 million, more than any other state in the country.
California has a pot of money worth $124 million. Florida taxpayers are missing out on $96 million.
Karl said, “The best approach, if they have concerns about filing a return or how to file it accurately, they should reach out to a professional who can walk them through the system.”
The IRS said that if you don’t owe any money, there is no penalty for filing a late tax return.
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