Right now, the IRS is sitting on more than $917 million worth of unclaimed tax refunds from 2009, and the deadline to cash in is upon us.
The cash is reserved for some 984,400 taxpayers who did not file a federal income tax return for 2009. By law, consumers have a three-year window to retrieve it, which closes tonight.
The vast majority of these refunds are reserved for people who may have skipped out on filing because they didn’t earn enough income to qualify, even though taxes were taken out of their paychecks. Others may have forgotten to claim their Earned Income Tax Credit, which is reserved for low-income earners. It was worth $5,657 in 2009.
According to the IRS, half of the refund checks are worth $500 or more.
If you think you may qualify for a 2009 refund, you must file a federal tax return by April 15, 2013, though there aren’t any penalties for sending in a late return that qualifies for a refund. Find more details at IRS.gov.