More than $1 billion is available for the million people across the country who did not file a federal income tax return for 2008, the Internal Revenue Service announced Thursday in a news release.
To collect the money, a 2008 return must be filed with the IRS no later than April 17, 2012.
According to data from the IRS, there are about $112.2 million available in potential refunds to the 122,500 people in California did not file a 2008 return with a potential refund. Half those refunds would be for $595 or more.
Some people might not have filed a return for 2008 because they had too little income to require filing a tax return, even though taxes were withheld from their wages or they made quarterly estimated tax payments.
If a return was not filed, people have three years to file the return to claim a refund; however, if no refund is claimed within the three years, the money goes to the U.S. Treasury, according to the IRS.
Nevertheless, if someone files a 2008 return seeking a refund but has not filed a return for 2009 and/or 2010, the refund check may be withheld, according to the IRS. Additionally, the refund will also be applied to any amounts still owed to the IRS, unpaid child support or past due federal debts like student loans.