Millions of dollars in tax refunds unclaimed by Alabamians

Millions of dollars in tax refunds unclaimed by Alabamians

Millions of dollars in tax refunds unclaimed by Alabamians

The Internal Revenue Service has more than $1 billion in outstanding tax refunds from 2013 that remain unclaimed, Forbes reports.

IRS Commissioner John Koskinen said, "We're trying to connect a million people with their share of 1 billion dollars in unclaimed refunds for the 2013 tax year".

Nearly $18 million in unclaimed refunds could be waiting for Oklahomans who didn't file a tax return in 2013, the IRS said. "Sometimes people think they don't make enough money to file a tax return", said Darleen Williams, a tax analyst. If you don't file your 2013 tax return by the deadline, Uncle Sam will keep it.

Brunson says the median potential refund is $763. Once that April 18 deadline passes, however, you'll no longer have an opportunity to get at that money, at which point it will go straight to the U.S. Treasury instead.

The law gives most taxpayers three years to file a return if they claim a refund.

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You can find prior tax forms and instructions on filing at IRS.gov.

If you owe the IRS money and are late filing your return, you could face a penalty equal to 5% of the taxes you owe for every month your return is late, up to a maximum of 25%.

Ed Villanueva is a local tax agent who said he gets many clients asking about refunds from previous years. You can find that publication here.

Failing to file a return could mean more than missing out on a refund of taxes withheld or paid in 2013, the IRS said. Many low-and-moderate income workers may have been eligible for the Earned Income Tax Credit, which was worth as much as $6,044 for 2013.

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