Usually, failing to file a tax return means a person is avoiding having to pay and is a tactic based entirely around gaming the system for enough years to get the limitation period to pass. But there are many people out there who never file, for whatever reason, even though they would get the money back that they have paid in. And just like those that never file to avoid paying, the owed have a race against the clock. The time is fast approaching when even those that are owed can claim their money from the 2012 tax year with the IRS stating that over $1 billion has yet to be paid out. All a person has to do is file the usual 1040 and have their income information, such as a W-2 or 1099, handy and the process can be completed just like any other year. In some states, the average amount unclaimed is over $700 which means many are passing up a nice chunk of change. So if you or someone you know has not been on top of getting their return submitted, keep in mind that there is still time to catch up and get some cash.
See Kelly Phillips Erb, Does The IRS Have Your Money? Nearly $1 Billion In Old Tax Refunds Outstanding, Forbes, March 10, 2016.
