Some $61 million in tax refund is sitting in the IRS kitty because 62,000 Floridians have not claimed their money. Under the law, there is a time limit to claim the money. Claims must be made within 3 years from the time they are due, otherwise it would be too late. 3 years in retrospect from this year would be April 15, 2009. Hence the deadline to claim your money is April 15, 2013.
But you may ask, “Why can’t the IRS just return the money to the respective taxpayer?” Well, the problem is that all 62,000 of the Floridians to whom the money is owed have not filed their tax returns the last 3 years. This might be for various reasons like them thinking they are earning below the taxable income level so there is no need to file a return, or some other reason. As a result, this makes it impossible for the IRS to refund their money. “If no return is filed to claim a refund within three years, the money becomes property of the US Treasury,” IRS spokesman Mike Dobzinski said.
The good news is that even if you file your return late, you will still get your full refund. There is no penalty for late filing. On average, each of the 62,000 taxpayers is owed $577. However, if you owe the IRS back taxes, or you have not paid child support or serviced your student loans, your refund can be withheld.