TN has $18 mil in unclaimed tax refunds

Unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers in the nation who did not file a 2013 federal income tax return. In Tennessee, over $18 million in unclaimed refunds awaits 19,500 individuals. However, to collect the money, a return for 2013 must be filed with the IRS no later than this year’s tax deadline Tuesday, April 18, 2017.

“Time is running out if you want to get your refund,” said IRS Spokesman Mark Green. “Taxpayers should review their 2013 statements for refundable credits and withholdings. We want all taxpayers to get the refund they’re due.” We estimate that the median unclaimed refund for tax-year 2013 in Tennessee is $743.

“In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund,” said Green. “If no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury.”

For 2013 tax returns, the window closes April 18, 2017. The law requires taxpayers to properly address mail and postmark the tax return by that date.

There is no penalty for filing a late return qualifying for a refund.