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.
"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.”