One Billion in Unclaimed Tax Returns from 2012

Does the IRS owe you money?

If you didn't file a federal tax return three years ago for the 2012 tax year and were due a refund, you must file that old paperwork by this year's April filing due date to get your money. In North Carolina it April 18 2016. If you don't, then Uncle Sam gets to keep your refund. And that could be a sizable amount.

Almost $1 billion unclaimed refunds: The Internal Revenue Service Federal says that it has income tax refunds from three years ago totaling more than $950 million.April 2013 was when those tax year 2012 returns were due. More than 1 million folks neglected to file those forms then.

"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.And don't worry about getting hassled by the IRS. There's no penalty for filing a late return if you're due a refund.But if you don't file for your refund within three years of the original due date, then you forfeit the money. The three year claim period is the law. If no return is filed to claim a refund within three years, the money becomes the property of the U.S. Treasury.

For the unfiled 2012 tax returns, the absolute final deadline is this April. Your 2012 forms must be filled out -- by hand; no e-filing of old returns -- properly addressed, and in the U.S. Postal system in time to be postmarked by April 18 or 19.

In North Carolina there are 29,700 people with unclaimed refund averaging $619.00. That’s a total of 24, 469,000 dollars that is unclaimed. "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," Koskinen said.