Time is running out for South Dakotans to file their 2012 tax returns. Millions of dollars are available for tax payers who didn’t file four years ago
Nationally there is over $950 million available for 2012 tax returns alone. The Internal Revenue Service gives tax payers three years to file returns after any tax season. This is possible because there is no penalty for filing late if a refund is due. Any refunds that remain unclaimed after the three year deadline become property of the US Treasury. IRS Spokesperson Karen Connelly says happens more than you’d think.
“Every year we have unclaimed funds and people always ask me, ‘Well why wouldn’t people claim their refunds?’ Well, a lot of them might be younger people who didn’t earn a ton of money but still had money withheld from their checks. And they just have to go in and file a federal income tax return to claim that money,” says Connelly.
Connelly says around 2,800 people in South Dakota are estimated to have about $2.7 million in unclaimed returns for 2012.