WASHINGTON - Time is running out for taxpayers to collect their share of $1 billion in unclaimed federal income tax refunds, says the Internal Revenue Service.
The IRS says the unclaimed money may be waiting for an estimated 1 million taxpayers who didn't file a 2013 federal income tax return.
"We're trying to connect a million people with their share of $1 billion in unclaimed refunds for the 2013 tax year," said IRS Commissioner John Koskinen in a statement released last week.. "People across the nation haven't filed tax returns to claim these refunds, and their window of opportunity is closing soon. Students and many others may not realize they're due a tax refund. Remember, there's no penalty for filing a late return if you're due a refund."
The IRS says half of the refunds are more than $763 and half are less. In order to collect the money, taxpayers must file a 2013 tax return with the IRS no later than this year's tax deadline, Tuesday, April 18.
According to the IRS, in cases where a tax return was not filed, most taxpayers are given a three-year window to claim a refund. If they don't file a return within three years, the money will become the property of the U.S. Treasury.
State-by-state estimates of individuals who may be due 2013 tax refunds: