Deadline nears for unclaimed 2012 tax refunds

WASHINGTON – While time is running short for individuals to file for tax refunds, the U.S. Internal Revenue Source wants people to know there’s still nearly a $1 billion in unclaimed refunds left over from 2012.
Indeed, there were nearly one million taxpayers who could be due a refund from 2012, as $950 million went unclaimed. The IRS says for those who didn’t file a tax return for 2012, they could be eligible to collect on the unclaimed refunds. If the funds are not claimed, they become the property of the U.S. Treasury, according to the IRS. And individuals only have until April 18 to claim the funds.
The IRS is providing the following information regarding the outstanding refunds:
-The unclaimed refunds apply to people who did not file a federal income tax return for 2012
-Some people, such as students and part-time workers, may not have filed because they had too little income to require filing a tax return. They may have a refund waiting if they had taxes withheld from their wages or made quarterly estimated payments. A refund could also apply if they qualify for certain tax credits, such as the Earned Income Tax Credit
-If you didn’t file a 2012 return, the law generally provides a three-year window to claim a refund from that year. For 2012 returns, the window closes on April 18, 2016 (or April 19 for taxpayers in Maine and Massachusetts)
-The law requires that you properly address, mail and postmark your tax return by that date to claim your refund
-There is no penalty for filing a late return if you are due a refund
-The IRS may hold your 2012 refund if you have not filed tax returns for 2013 and 2014. The U.S. Treasury will apply the refund to any federal or state tax you owe. It also may use your refund to offset unpaid child support or past due federal debts, such as student loans
-If you’re missing Forms W-2, 1098, 1099 or 5498 for prior years, you should ask for copies from your employer, bank or other payer. If you can’t get copies, get a free transcript by mail that provides the information you need by going to IRS.gov.