IRS holding $700 million in unclaimed refunds

Don't Waste Your Money

This one may be hard to believe:  The IRS has announced it is sitting on more than $700 million in unclaimed tax refunds.

In Ohio alone, 32,000 people could claim that money.

It wants to give that money to its rightful owners, but it can't, for one simple reason:  those people did not file their taxes.

IRS spokesperson, Jennifer Jenkins said "about half of those unclaimed refunds are over $571."

Jenkins says the problem is that every year, hundreds of thousands of people don't file a 1040 because they don't make enough money to be required to file.

That makes life easier for them, but also means thousands of people don't collect the $20, $200, or even $2,000 they should receive in a refund check.

Who May Have Unclaimed Money

The unclaimed refunds are for people who did not file a 2010, 2011, or 2012 tax return.

The good news is you can still file if you think you may be owned money. But hurry: The funds expire after 4 years.

Most people who failed to collect are part time workers or teenagers who made just a few thousand dollars that year, and were told they did not have to bother filing. 

The problem is that your employer sent a few hundred dollars to the IRS.  And the IRS will keep that money after the 4 year mark.

If that describes you, file a 1040 so you get your refund, and you don't waste your money.


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