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Free money: IRS holding $1 billion in refunds

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Posted at 6:26 PM, Mar 10, 2016
and last updated 2016-03-15 08:21:03-04

Hard to believe, but almost a million American workers are about to voluntarily hand over nearly $1 billion to the US Treasury.

Why? Because they never bothered to claim their 2012 tax refund, and time is running out to claim it. The average refund is $700, but some are over $1,000. 

And after April 18th, 2016, it will be gone.

Never Filed for 2012?

You may be owed money if you never filed a 1040 form for tax year 2012.

Many people who fall under the income thresholds, or live only on their savings and Social Security, don't bother filing, because they don't have to.

But if you also earned some money that year, there's a good chance your employer withheld money from your paycheck.

That tax money is rightfully yours.

You Must Claim it

But here's the rub: while the IRS may be holding onto your refund money, it is not obligated to send it to you.

It won't even tell you that it exists.

So how can you find out about it, and how can you claim it?  You must file a tax return for tax year 2012. 

You can call your employer, and ask if they withheld any money that year, but they are not required to tell you, and might not even know.

So if you did not file for 2012, and earned some income from a company, you should file. See a tax professional, or go to www.irs.gov, and click on the Free File section.

You will not be penalized, as long as you don't owe back taxes.

That way you don't waste your money.

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Don't Waste Your Money is a registered trademark of the EW Scripps Co.

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