Is There an Unclaimed Tax Refund Waiting for You?

The IRS is looking for 1.4 million people who didn’t file a 2016 tax return and who might be owed a refund of taxes withheld or otherwise prepaid. In fact, there’s more than $1.5 billion of potential refunds waiting to be claimed. The median potential refund is estimated to be $861. Is any of that money yours?

Claim Your Refund By July 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 2016 tax return with the IRS no later than this year's extended tax due date of July 15, 2020, to collect the money.

Missing W-2 and Other 2016 Tax Forms?

If you’re missing W-2, 1098, 1099 or 5498 forms from 2016, 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 2016 tax return.

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

The IRS could hold your 2016 refund check if you didn’t file a 2017 or 2018 return, either. In addition, the IRS may also apply your 2016 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.