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The IRS Is Holding $1.5 Billion in Unclaimed Tax Refunds, but You Need to Act Quickly to Get Your Share

The IRS Is Holding $1.5 Billion in Unclaimed Tax Refunds, but You Need to Act Quickly to Get Your Share

If you're a salaried worker, you claim allowances on your W-4 withholding form each year, and based on that information, your employer holds back a certain portion of your income for tax purposes that gets paid to the IRS. The majority of people who file a tax return are owed some amount from the IRS, while others wind up owing the IRS money. The IRS is holding onto more than $1.5 billion in tax refunds from the 2016 tax year because an estimated 1.4 million people never filed a return back then.