(TB&P) — More than 11,000 Arkansas taxpayers have left an estimated $12 million in federal income tax refunds on the table ahead of the three-year deadline to collect unclaimed payments, Internal Revenue Service (IRS) officials said on Wednesday (March 13).
Nationwide, unclaimed income tax refunds totaling almost $1.4 billion may be waiting for an estimated 1.2 million taxpayers who did not file a 2015 Form 1040 federal income tax return. To collect the money, these taxpayers must file their 2015 tax returns with the IRS no later than this year’s tax deadline on April 15, except for taxpayers in Maine and Massachusetts, who have until April 17.
“We’re trying to connect over a million people with their share of $1.4 billion in potentially unclaimed refunds for 2015,” said IRS Commissioner Charles Rettig. “Students, part-time workers and many others may have overlooked filing for 2015. And there’s no penalty for filing a late return if you’re due a refund.”
The IRS estimates the midpoint for the potential refunds for 2015 to be $879 – meaning half of the refunds are more than $879 and half are less. In Arkansas, the average federal tax refund left on the table is about $824 per person, IRS data shows. California has the largest number of people (111,200) who may be due 2015 refunds totaling $124.4 million, or an average of about $832 per person.
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