IRS Says It’s Last Call for Unclaimed Refunds From 2017

Number of the Day: The most relevant or interesting figure in personal finance

1.3 Million - Number of the Day

That’s how many people the IRS estimates have unclaimed refund money after failing to file their 2017 tax returns, and time is running out to claim it.

By law, taxpayers have three years to file a Form 1040 and claim a tax refund, which means the May 17 federal tax deadline this year will be the last day people can file their 2017 returns and claim refunds for that year. In total, the IRS estimates unclaimed funds from 2017 at more than $1.3 billion. The median refund amount is $865. What money is not claimed becomes the property of the U.S. Treasury.

To receive a refund check, people may also be required to file their returns for 2018 and 2019, if they have not already done so. The IRS said the 2017 refund will be applied to any amounts still owed to the IRS or a state tax agency, and may be used to offset unpaid child support or past due federal debts, such as student loans.