IRS has more than $1B in refunds waiting for 2014 non-filers
Procrastinating clients may have money waiting: Some $1.1 billion in unclaimed federal income tax refunds await an estimated 1.4 million taxpayers who didn’t file a 2014 federal income tax return.
To collect, the IRS said, these taxpayers must file their 2014 federal return no later than this year’s deadline.
Texas, California, Florida and New York have the most estimated taxpayers owed a potential refund. The biggest individual refunds are potentially due in Wyoming, North Dakota, Massachusetts and Connecticut. Texas taxpayers may have nearly $122 million unclaimed, followed by California ($95.7 million) and Florida ($74 million).
“Students, part-time workers and many others may have overlooked filing for 2014,” IRS acting commissioner David Kautter said in a statement. “There’s no penalty for filing a late return if you’re due a refund.”
Half of the refunds are more than $847 and half are less, the IRS added. Taxpayers seeking a 2014 refund may have checks held if they haven’t filed tax returns for 2015 and 2016. The refund will be applied to any amounts still owed to the IRS or a state tax agency and may be used to offset unpaid child support or past due federal debts, such as student loans.
Taxpayers unable to get missing 2014 forms from their employer or other payer can order a free wage and income transcript or file 4506-T.