Is There an Unclaimed Tax Refund Waiting for You?

Tax Tips

Is There an Unclaimed Tax Refund Waiting for You?

The IRS has $1.4 billion in refunds from 2015 waiting to be claimed. Is any of that money yours?

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The IRS is looking for 1.2 million people who didn’t file a 2015 tax return and who might be owed a refund of taxes withheld or otherwise prepaid. In fact, there’s almost $1.4 billion of potential refunds waiting to be claimed. The median potential refund is estimated to be $879.

Claim Your Refund By April 15

If you think some of that cash could be yours, you need to act fast. In cases where a federal tax return was not filed, the taxpayer generally has a three-year window of opportunity to claim a refund. That means you must file your 2015 tax return with the IRS by April 15, 2019, to collect the money (taxpayers in Maine and Massachusetts have until April 17).

SEE ALSO: Top Tax Software Programs for Your 2018 Tax Return

Missing W-2 and Other 2015 Tax Forms?

If you’re missing W-2, 1098, 1099 or 5498 forms from 2015, try getting copies from your employer, bank or other payer. If that doesn’t work, you can go online and order a free wage and income transcript from the IRS or request one by filing Form 4506-T. The transcript will show data from information returns received by the IRS. This information can be used to file your 2015 tax return.

What If You Have a Tax Debt or Didn’t File Other Returns?

The IRS could hold your 2015 refund check if you didn’t file a 2016 or 2017 return, either. In addition, the IRS may also apply your 2015 refund to any federal or state taxes you owe for other years—or to offset unpaid child support or past due federal debts, such as student loans.

SEE ALSO: 11 Strangest Ways States Tax You (And Don't)