The IRS Has $950 Million for People Who Haven't Filed 2012 Tax Returns

Did you file your 2012 income tax return with the IRS? If not, you could be in for a windfall.

According to the IRS, around one million taxpayers did not file tax returns in 2012 and as a result, there's around $950 million in unclaimed refunds waiting to be collected. But to get the money, you need to file by April 18, 2016. After that, it becomes everybody's money--the IRS isn't obligated to hold onto it after three years.

IRS Commissioner John Koskinen noted that students and other low-earners are likely to be the rightful owners of these refunds and encouraged them to file a return. "Don't forget, there’s no penalty for filing a late return if you’re due a refund,” he said in a press release.

If you're one of these people and are wondering whether it's worth it to try your hand at a Form 1040 or buy TurboTax, the IRS says the median refund for 2012 is around $718. However, the refund will be withheld to those who owe taxes or backed child support.

Failing to file would not only mean missing out on potential refunds, but for longer-income filers, missing out on the Earned Income Tax Credit that can be worth up to $5,891, according to the IRS.

Here's a list of all the states, the numbers of people with money waiting, and the amounts: