TEXAS, USA — Why is time running out to collect over $1 billion in unclaimed tax returns?
The IRS is warning taxpayers that a deadline is fast approaching to collect money they are owed. The commissioner says tax refunds totaling almost $1.5 billion have still not been paid out because the taxpayers never filed their 2018 tax returns.
There is a 3-year window to file those returns. That window closes on Monday, April 18.
In Texas, the IRS says there are close to 150,000 taxpayers who still haven’t filed their 2018 taxes. That means Texans are sitting on close to $150,000 in unclaimed returns. That's the highest of any state.
To find the right forms for 2018, go to IRS.gov. You won’t be able to file electronically. The forms must be mailed to the IRS.
Since it's not filed electronically, you will have to be patient. The IRS warns processing paper returns takes a little longer but you will get your refund as long as it’s in by the deadline.
What happens to all that money if no one claims it? It becomes the property of the U.S. Treasury.