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IRS Holding Refunds Worth USD1bn For 2013 Non-Filers

by Scott Hamilton, Tax-News.com, Washington

02 March 2017

The US Internal Revenue Service (IRS) has announced that tax refunds totaling more than USD1bn may be waiting for an estimated one million taxpayers who have not yet filed a 2013 federal income tax return.

In cases where a tax return is not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund of taxes withheld or paid. Therefore, to collect a refund, taxpayers must file a 2013 tax return with the IRS no later than this year's tax deadline, which is April 18.

IRS Commissioner John Koskinen said: "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 estimates the midpoint for potential refunds for 2013 to be USD763, but reminds taxpayers seeking a 2013 refund that their checks may be held if they have also not filed tax returns for 2014 and 2015.

By failing to file a tax return, many low- and moderate-income workers may also not have claimed the earned income tax credit, which, for 2013, was worth as much as USD6,044.

TAGS: individuals | tax | revenue guidance | tax credits | Internal Revenue Service (IRS) | tax authority | United States | tax breaks | individual income tax

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