Claim It or Lose It
02 / 27 / 17


Written By: Jessica Thibodeaux

Time is Running Out to Receive your 2013 Tax Refund!

Did you know that taxpayers have a limited window of time to receive tax refunds from the IRS? The rule is called the “RSED” or “Refund Statute Expiration Date”. Found in the Internal Revenue Code Section 6511, taxpayers have 3 years from the date the return was due in order to obtain a refund. After the 3 years has passed, the IRS cannot issue a refund check OR apply any credits AND the money becomes US property. This means that if you have not yet filed your 2013 return (due 4/15/14), unless you do so by April 15, 2017 (technically 4/18/17- this year’s “tax deadline” OR by the extension deadline had you timely filed for an extension in 2014 for your 2013 return), you will not receive your refund nor will the IRS apply a credit to your account. Additionally, if you’ve filed 2013 but need to amend it to reduce an amount due or take advantage of an additional refund opportunity, this also must be done no later than 3 years after timely filing or 2 years from the time tax was paid, whichever expires later.

The IRS estimates that there are unclaimed refunds totaling more than $1 BILLION waiting for almost 1 MILLION taxpayers to file and claim them. The estimated number of individuals in Louisiana alone is roughly 20,300, with the total potential refunds estimated to be $21,209,000. Per IRS Commissioner John Koskinen, “People across the nation haven’t filed tax returns to claim these refunds, and their window of opportunity is closing soon. Students and many others may not realize they’re due a tax refund. Remember, there’s no penalty for filing a late return if you’re due a refund.”

If you haven’t filed your 2013 return yet and expect to receive a refund- don’t wait! If you need assistance in preparing and filing your 2013 return, call Bryson!