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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.
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