Tags: IRS | 2012 | tax | refunds | set | expire

Over a Million Taxpayers Set to Lose Unclaimed 2012 Refunds

Image: Over a Million Taxpayers Set to Lose Unclaimed 2012 Refunds
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By    |   Thursday, 10 Mar 2016 04:01 PM

More than 1 million taxpayers risk losing refunds if they don't finally submit their 2012 federal tax returns by next month.

USA Today reports the late-filers have to put in the paperwork if they want their share of the more than $950 million-plus in unclaimed refunds. 

"The clock is ticking for taxpayers who didn't file a 2012 federal income tax return, leaving nearly $1 billing in refunds unclaimed," IRS Commissioner John Koskinen said in a statement, USA Today reports.

"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."

Federal law gives most taxpayers a three-year window to claim an IRS refund. If they miss the deadline, the money goes into the Treasury. For 2012 tax returns, the window closes April 18 — and a day later for taxpayers in Maine and Massachusetts.

The IRS estimates $718 is the midpoint for potential refunds for 2012 – meaning half are worth more, and half are worth less.

Texas ranks first with an estimated 96,400 taxpayers who may still be eligible; Wyoming has the fewest potentially eligible, with an estimated 2,700 taxpayers, USA Today reports.

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More than 1 million taxpayers risk losing refunds if they don't finally submit their 2012 federal tax returns by next month.
2012, tax, refunds, set, expire
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2016-01-10
Thursday, 10 Mar 2016 04:01 PM
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