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The IRS Owes Americans Nearly $1 Billion in Tax Refunds from 2013

Alana Abramson
On Wednesday, the IRS announced it has $1 billion in unclaimed federal income tax refunds from 2013.

Nearly one million people are still eligible for a tax refund from 2013.

The IRS announced Wednesday that it has nearly $1 billion in unclaimed federal income tax from 2013. The deadline to file this tax return, as well as your 2017 tax return, is April 18.

Students and many others may not realize theyre due a tax refund, IRS Commissioner John Koskinen said in a release. Remember, theres no penalty for filing a late return if youre due a refund.

Although the monetary value of the refunds amount to a billion dollars, the IRS reports that the average refund per person amounts to $763. The money a person gets back depends on where they live; some states offer higher refunds, while others offer lower refunds.

Taxpayers eligible for refunds may not receive them, however, unless they have filed returns for 2014 and 2015.

This article was originally published on Money.com