$1 Billion in Refunds Unclaimed from 2014

About a million taxpayers could have some cash waiting for them, provided they file their 2014 income tax returns.

The IRS says unclaimed federal income tax refunds from tax year 2014 amount to over a billion dollars. To collect, taxpayers must file a 2014 tax return by the upcoming tax deadline, Tuesday, April 17.

“We’re trying to connect a million people with their share of $1.1 billion in unclaimed refunds for 2014,” said Acting IRS Commissioner David Kautter. “Time is running out for people who haven’t filed tax returns to claim their refunds. Students, part-time workers, and many others may have overlooked filing for 2014. And there’s no penalty for filing a late return if you’re due a refund.”

The IRS estimates half of the refunds for 2014 are more than $847; half are less.

When federal income tax returns are not filed, the taxpayer has three years to file a return and so claim a refund. If that doesn’t happen within the three-year window, the refund goes to the U.S. Treasury.

Keep in mind that in order to get a 2014 tax refund, taxpayers may have to also file federal returns for 2015 and 2016. Also, the refund will be applied to any amounts owed to the IRS or a state tax agency. A refund amount may also be used to offset unpaid child support or past-due federal debts, such as student loans.

More Than Just Refunds

Taxpayers who fail to file a 2014 tax return stand to lose more than just a refund. Many low- and moderate-income workers could also be eligible for the Earned Income Tax Credit (EITC), which was worth as much as $6,143 for 2014.

The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2014 were:

  • $46,997 ($52,427 if married filing jointly) for those with three or more qualifying children;
  • $43,756 ($49,186 if married filing jointly) for people with two qualifying children;
  • $38,511 ($43,941 if married filing jointly) for those with one qualifying child, and;
  • $14,590 ($20,020 if married filing jointly) for people without qualifying children.

Taxpayers missing Forms W-2, 1098, 1099, or 5498 should request copies from employers, bank or other payer. Those unable to get the forms for tax years 2014-16 can order a free wage and income transcript on IRS.gov using the Get Transcript Online tool.

As an alternative, taxpayers can file Form 4506-T to request a wage and income transcript. This document shows data from information returns received by the IRS, such as Forms W-2, 1099, 1098, Form 5498, and IRA contributions. This information can be used to file a tax return.

State-by-state estimates of individuals who may be due 2014 income tax refunds 

State or District Estimated

Number of

Individuals

Median

Potential

Refund

Total

Potential

Refunds*

Alabama 17,700 $836 $18,302,700
Alaska 4,500 $898 $5,263,200
Arizona 23,800 $750 $23,496,700
Arkansas 9,500 $808 $9,726,900
California 93,600 $785 $95,745,100
Colorado 20,400 $796 $20,887,500
Connecticut 11,000 $934 $12,740,100
Delaware 4,000 $883 $4,378,400
District of Columbia 3,000 $850 $3,237,700
Florida 69,800 $865 $74,040,300
Georgia 34,800 $772 $35,006,000
Hawaii 6,200 $898 $6,830,900
Idaho 4,500 $723 $4,376,100
Illinois 39,500 $895 $43,600,000
Indiana 22,700 $878 $24,353,000
Iowa 10,500 $885 $11,083,400
Kansas 11,100 $852 $11,645,300
Kentucky 13,600 $848 $14,035,100
Louisiana 19,900 $846 $21,700,800
Maine 4,000 $804 $3,941,700
Maryland 21,800 $853 $23,773,000
Massachusetts 22,800 $935 $26,018,500
Michigan 34,100 $845 $36,505,700
Minnesota 15,800 $785 $15,832,600
Mississippi 10,200 $777 $10,291,100
Missouri 23,000 $797 $23,212,400
Montana 3,500 $808 $3,617,700
Nebraska 5,600 $806 $5,629,100
Nevada 12,000 $831 $12,663,200
New Hampshire 4,600 $917 $5,169,500
New Jersey 28,600 $928 $32,452,500
New Mexico 7,800 $831 $8,472,600
New York 53,600 $913 $60,135,600
North Carolina 30,800 $791 $30,659,900
North Dakota 3,000 $952 $3,433,300
Ohio 38,100 $826 $38,956,700
Oklahoma 17,200 $855 $18,366,800
Oregon 15,100 $747 $14,816,600
Pennsylvania 39,300 $907 $42,866,100
Rhode Island 2,900 $916 $3,217,200
South Carolina 12,000 $757 $12,023,400
South Dakota 3,000 $866 $3,075,300
Tennessee 20,300 $837 $20,967,500
Texas 108,100 $899 $121,956,100
Utah 7,800 $754 $7,831,300
Vermont 2,100 $816 $2,028,600
Virginia 27,800 $828 $29,345,300
Washington 27,000 $894 $30,423,900
West Virginia 5,200 $914 $5,875,100
Wisconsin 13,400 $774 $13,041,800
Wyoming 3,000 $973 $3,556,300
Totals 1,043,600 $847 $1,110,605,600

* Excluding the Earned Income Tax