IRS Has $26 Million in Unclaimed 2012 Refunds for Virginia Taxpayers

Attention: 29,000 Virginians. The Internal Revenue Service would appreciate it if you would claim your 2012 refund — $698 on average.

Those in line for a share of more than $26 million in unclaimed refunds need to file their 2012 return by Monday, April 18.

According to an IRS release, some people may not have filed because they had too little income to require filing a tax return, even though they had taxes withheld from their wages or made quarterly estimated payments.

“In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund,” Green said. “If no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury.”

There is no penalty for filing a late return qualifying for a refund.

You might have even more money waiting to be claimed. Many low-and-moderate income workers may not have claimed the Earned Income Tax Credit (EITC). For 2012, the credit is worth as much as $5,891.

More from the IRS release:

The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2012 were:

• $45,060 ($50,270 if married filing jointly) for those with three or more qualifying children,
• $41,952 ($47,162 if married filing jointly) for people with two qualifying children,
• $36,920 ($42,130 if married filing jointly) for those with one qualifying child, and
• $13,980 ($19,190 if married filing jointly) for people without qualifying children.

How To File Your Return

Current and prior year tax forms and instructions are available on the IRS.gov Forms and Publications page, or by calling toll-free: 800-TAX-FORM (800-829-3676). Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for the years 2012, 2013 or 2014 should request copies from their employer, bank or other payer.

Taxpayers who are unable to get missing forms from their employer or other payer should go to IRS.gov and use the "Get a Transcript by Mail" button to order a paper copy of their transcript and have it sent to their address of record. Taxpayers can also file Form 4506-T to request a transcript of their tax return. Taxpayers can use the information on the transcript to file their return.