IRS Announces $164.6 Million in Unclaimed Tax Refunds

by admin

Last week, the Internal Revenue Service issued a press release disclosing that it currently has in excess of $160 million in tax refunds that could not be delivered to taxpayers (primarily because of mailing errors). 

Interestingly (or perhaps not) unclaimed federal tax refunds are not reported and remitted as unclaimed property, because under federal law:

No overpayment of any tax imposed by [the Internal Revenue Code] shall be refunded (and no interest with respect to such overpayment shall be paid) if the amount of such refund (or interest) would escheat to a State or would otherwise become the property of a State under any law relating to the disposition of unclaimed or abandoned property.

Source:  26 U.S.C. 6408.

Accordingly, taxpayers who believe that they are missing refunds should contact the IRS via the “Where’s My Refund” tool on the IRS website.