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

- Nagle, Michael--Bloomberg/Getty Images
Nagle, Michael--Bloomberg/Getty Images

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:

State or District

Estimated Number of Individuals

Median Potential Refund

Total Potential Refunds*

Alabama

18,700

$713

$16,684,000

Alaska

4,700

$834

$5,019,000

Arizona

26,000

$631

$22,078,000

Arkansas

10,100

$692

$8,987,000

California

94,900

$656

$82,782,000

Colorado

19,300

$667

$16,961,000

Connecticut

11,800

$803

$11,511,000

Delaware

4,200

$771

$4,012,000

District of Columbia

3,600

$741

$3,343,000

Florida

64,700

$721

$58,598,000

Georgia

34,300

$642

$29,395,000

Hawaii

6,500

$740

$6,091,000

Idaho

4,400

$607

$3,652,000

Illinois

40,300

$782

$38,893,000

Indiana

22,000

$751

$20,448,000

Iowa

10,800

$764

$9,917,000

Kansas

11,000

$699

$9,811,000

Kentucky

13,500

$746

$12,122,000

Louisiana

20,600

$726

$19,767,000

Maine

4,100

$651

$3,432,000

Maryland

22,600

$722

$21,108,000

Massachusetts

20,600

$767

$19,714,000

Michigan

34,600

$733

$32,118,000

Minnesota

15,200

$657

$12,981,000

Mississippi

10,800

$646

$9,325,000

Missouri

22,800

$675

$19,886,000

Montana

3,500

$669

$3,083,000

Nebraska

5,400

$695

$4,720,000

Nevada

12,500

$704

$11,280,000

New Hampshire

4,400

$804

$4,284,000

New Jersey

30,600

$803

$30,016,000

New Mexico

7,700

$715

$7,181,000

New York

57,600

$796

$56,310,000

North Carolina

29,700

$619

$24,469,000

North Dakota

2,600

$831

$2,682,000

Ohio

37,300

$717

$33,321,000

Oklahoma

18,500

$744

$17,411,000

Oregon

15,700

$620

$12,820,000

Pennsylvania

40,200

$796

$38,243,000

Rhode Island

3,200

$777

$3,014,000

South Carolina

12,500

$633

$10,648,000

South Dakota

2,800

$785

$2,707,000

Tennessee

19,700

$702

$17,318,000

Texas

96,400

$771

$93,998,000

Utah

7,400

$640

$6,316,000

Vermont

2,000

$698

$1,689,000

Virginia

29,000

$698

$26,297,000

Washington

26,100

$764

$25,292,000

West Virginia

5,100

$800

$4,870,000

Wisconsin

12,900

$647

$10,837,000

Wyoming

2,700

$851

$2,908,000

Totals

1,037,600

$718

$950,349,00

Estimated Number of Individuals

Median Potential Refund

Total Potential Refunds*

18,700

$713

$16,684,000

4,700

$834

$5,019,000

26,000

$631

$22,078,000

10,100

$692

$8,987,000

94,900

$656

$82,782,000

19,300

$667

$16,961,000

11,800

$803

$11,511,000

4,200

$771

$4,012,000

3,600

$741

$3,343,000

64,700

$721

$58,598,000

34,300

$642

$29,395,000

6,500

$740

$6,091,000

4,400

$607

$3,652,000

40,300

$782

$38,893,000

22,000

$751

$20,448,000

10,800

$764

$9,917,000

11,000

$699

$9,811,000

13,500

$746

$12,122,000

20,600

$726

$19,767,000

4,100

$651

$3,432,000

22,600

$722

$21,108,000

20,600

$767

$19,714,000

34,600

$733

$32,118,000

15,200

$657

$12,981,000

10,800

$646

$9,325,000

22,800

$675

$19,886,000

3,500

$669

$3,083,000

5,400

$695

$4,720,000

12,500

$704

$11,280,000

4,400

$804

$4,284,000

30,600

$803

$30,016,000

7,700

$715

$7,181,000

57,600

$796

$56,310,000

29,700

$619

$24,469,000

2,600

$831

$2,682,000

37,300

$717

$33,321,000

18,500

$744

$17,411,000

15,700

$620

$12,820,000

40,200

$796

$38,243,000

3,200

$777

$3,014,000

12,500

$633

$10,648,000

2,800

$785

$2,707,000

19,700

$702

$17,318,000

96,400

$771

$93,998,000

7,400

$640

$6,316,000

2,000

$698

$1,689,000

29,000

$698

$26,297,000

26,100

$764

$25,292,000

5,100

$800

$4,870,000

12,900

$647

$10,837,000

2,700

$851

$2,908,000

1,037,600

$718

$950,349,00

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