IRS says Unclaimed Federal Tax Refunds Totals $950Million for 2012

The Internal Revenue Service announced that close to one million of the tax payers did not file for their federal income tax return for 2012. The tax agency said that the total amount is close to $950 million. According to the agency for collecting the money, the taxpayers must file for an income tax return for 2012 with the IRS within the April tax deadline in 2016.

The IRS said 4,700 Alaskans who has not filed a federal income tax return in 2012 has time till April 18, 2016 to file for a return. The refund for the Alaskans totals close to $5 million or more.

IRS Commissioner John Koskinen said, "A surprising number of people across the country overlook claiming tax refunds each year. The clock is ticking for taxpayers who didn't file a 2012 federal income tax return, leaving nearly $1 billion in refunds unclaimed."

According to Koskinen, the students along with others who did not earn substantial amount of money in 2012 might consider filing a tax return with the IRS as they may be entitled for a refund.

The IRS provides a three year window for those who did not file a tax return and within that time if no claims are made the money becomes a property of the U. S. Treasury.