More than a million Americans stand to lose $950 million in unclaimed tax refunds for 2012 if they don’t file a federal income tax return by this year’s April tax deadline. Any funds that are not claimed will go to the U.S. Treasury.
The median potential refund is $718, according to the IRS.
"A surprising number of people across the country overlook claiming tax refunds each year. But the clock is ticking for taxpayers who didn’t file a 2012 federal income tax return, leaving nearly $1 billion in refunds unclaimed," said IRS Commissioner John Koskinen in a statement. "We especially encourage students and others who didn't earn much money to look into this situation because they may still be entitled to a refund. Don't forget, there’s no penalty for filing a late return if you’re due a refund.”
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