WASHINGTON 鈥� About a million people who failed to file 2014 taxes are sitting on more than $1 billion in unclaimed federal income tax refunds, the Internal Revenue Service announced Thursday.
But in order to collect that hefty chunk of cash, they’ll have to dig out those old W-2s and file their 2014 taxes by this year’s deadline 鈥� April 17.
“We鈥檙e trying to connect a million people with their share of $1.1 billion in unclaimed refunds for 2014,鈥� said Acting IRS Commissioner David Kautter in a statement 鈥淭ime is running out for people who haven鈥檛 filed tax returns to claim their refunds.”
The IRS estimated the median refund stemming from unfiled 2014 returns at $847.
Kauter said students and part-time workers may have overlooked filing their taxes for 2014.
Taxpayers do not face a penalty for filing a late return if they’re due a refund. However, their refund check may be held if they haven’t filed returns for 2015 and 2016. They also may not see their refund if they have unpaid child support, past-due student loan debt or other federal debts.
Ready to bust out the pen and calculator and start filing? You can find all the IRS forms you need .
You’ll need to request copies of W-2s or other forms from your employer. If you can’t get missing forms from your employer, you can request a wage and income transcript for free using the .
