Missing Money? IRS Has $760M in Unclaimed Funds

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(Courtesy: Wallpaper.ru via MGN Online)

NEW YORK (CNNMoney) — The IRS is holding on to nearly $760 million in unclaimed tax refunds that will soon become the property of the U.S. government if taxpayers don’t collect it.

The money belongs to 918,600 taxpayers who still haven’t filed their 2010 tax returns, the IRS said Tuesday.

If you’re among this group, you must file your 2010 return by April 15 in order to collect your refund. Otherwise, the IRS gets to keep it.

“The window is quickly closing,” IRS commissioner John Koskinen said in a statement. “We encourage students, part-time workers and others who haven’t filed for 2010 to look into this before time runs out on April 15.”

People who earn so little that they aren’t required to file a tax return often miss out on big refunds. That’s because refundable tax credits, like the Earned Income Tax Credit, are designed to help low-income filers.

The agency estimates that half of the unclaimed refunds total more than $571.

Taxpayers in Alaska, Connecticut, Illinois, New Jersey, New York, Washington, West Virginia and Wyoming are missing out on the most money — with unclaimed refunds in those states topping a median of $620.


    • tracy

      it’s a trick to catch people who didn’t file a 2010 tax return, remember if it sounds to good to be true then it is.

  • browns627

    why do i get the feeling this is just a way to track down people for not paying child support, outstanding fines, not paying taxes and over due library books ;-)

    • erica

      I will never understand these men that refuse to file income taxes because it will get taken for back child support! Anyone with any sense would file their taxes and take care of some of that back pay…. Its not like you are going to see that money if you don’t file anyway. Idiots file your taxes and at least let your child benefit the child support doesn’t go away when your child turns 18.

  • kim

    I bet the IRS dont add penalty & interest on what or whom they owe this money back to & for three yrs. But they IRS surely has piled interest & penalties on me more than triple of what they say i owed them where i cant get them paid bk. Its a bunch of bs cause the government knows who filed or not cause all we are is social security numbers.

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