The Internal Revenue Service said it has approximately $1.2 billion in unclaimed refunds waiting for 1.3 million people who did not file federal income tax returns for 2004, but they need to file by April 15, 2008, to claim the money.
The IRS estimates that half of those who could claim refunds for tax year 2004 would receive more than $552. In some cases, individuals had taxes withheld from their wages, or made payments against their taxes out of self-employed earnings, but had too little income to require filing a tax return. Some of them may also be eligible for the refundable Earned Income Tax Credit.
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