Since 2017, the IRS owes — that’s right, owes – Americans $1.3 billion in unclaimed tax returns, the agency said on Monday.
The IRS said that in total, 1.3 million tax payers who did not file a 2017 Form 1040 federal income tax return are owed a refund. The IRS said the median refund would be for $865.
The IRS says that the law provides most taxpayers a three-year window to claim the refund. If they do not file a return within three years and goes unclaimed, the money becomes the property of the US government. The deadline, the IRS says, is May 17.