If you haven’t already filed your 2012 tax return, you may be due a refund and not even know it. The Internal Revenue Service (IRS) reports that nearly one million taxpayers are due a share from the nearly $950 Million in unclaimed refunds. But in order to claim it, you have to file a 2012 Federal Income Tax Return.
HERE’S WHAT YOU NEED TO KNOW ABOUT UNCLAIMED REFUNDS:
How much is sitting out there waiting for you?
They apply only to people who have yet to file a 2012 Federal Tax Return. IRS estimates show that half of the potential refunds are $718 or more.
Some people, like students or part-time employees, may not have originally filed since the minimum amount of income required to have an obligation to file a tax return was $9,750. Taxes withheld from their paychecks contribute to what one could receive but most importantly, if you qualify for certain tax credits, like the Earned Income Tax Credit or the American Opportunity Tax Credit, if you were at least a half-time student.
The law generally provides taxpayers a 3-year timeframe to claim refunds. For 2012 tax returns, that window of time will close on April 18, 2016. That means your properly addressed envelope must be postmarked by that date.
If you haven’t filed your 2013 and/or 2014 tax returns, the IRS may hold onto your 2012 refund. They could apply your refund to any federal or state tax that you may owe, as well as applying it towards any unpaid child support or past due federal debts, like student loans.
