The IRS has $1.4 billion in old tax refunds—here's how to tell if some of it's yours via CNBCMakeIt
The Internal Revenue Service has roughly $1.4 billion in unclaimed federal income tax refunds that about a million Americans may have overlooked. And time is running out to claim that money.So how can you tell if some of those funds are yours? If you didn't file a 2015 federal income tax return, the IRS said in a recent report, you may be due a check.
Those who are unable to get missing forms from their employer or another payer"can order a free wage and income transcript at IRS.gov" or request a wage and income transcript, which will contain relevant information from previous returns. "In the meantime, the IRS will send several reminders to file," according to financial-software company Intuit's FAQ page. If you ignore them,"the IRS may file a substitute return on your behalf."
If you haven't filed a 2015 return and owe taxes , you could be subject to the failure-to-file penalty, which could cost five percent of your unpaid tax bill each month it goes unpaid after the April deadline, and potentially a maximum of 25 percent of what you owe.
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