The Internal Revenue Service said Thursday it has about $14 million in tax refunds from tax returns that were never filed in 2008 and time is running out for collecting it.
People owed money from 2008 have until April 17 of this year to file for that money. If they don’t, Uncle Same keeps it.
Dianne Besunder, an IRS spokeswoman, said the $14 million value is an estimate derived from W2s the IRS receives from employers but have no correlating tax refund filing. It also takes into account people how were making estimated tax payments throughout the year but who didn’t file.
Besunder said when employers issue W2s they are sent to the employees and the IRS.
According to the U.S. tax code, any refund not filed for within three years becomes U.S. property and Besunder confirmed the statute of limitation only applies to refunds, not tax debt.
In other words, if you’re owed money, the government gives you three years to collect or your out of luck. But if you owe money, that debt doesn’t go away until you pay it.
For more information on filing your taxes, visit www.irs.gov.