About a million taxpayers could have some cash waiting for them, provided they file their 2014 income tax returns.

The IRS says unclaimed federal income tax refunds from tax year 2014 amount to over a billion dollars. To collect, taxpayers must file a 2014 tax return by the upcoming tax deadline, Tuesday, April 17.

"We’re trying to connect a million people with their share of $1.1 billion in unclaimed refunds for 2014,” said Acting IRS Commissioner David Kautter. “Time is running out for people who haven’t filed tax returns to claim their refunds. Students, part-time workers, and many others may have overlooked filing for 2014. And there’s no penalty for filing a late return if you’re due a refund.”

The IRS estimates half of the refunds for 2014 are more than $847; half are less.

When federal income tax returns are not filed, the taxpayer has three years to file a return and so claim a refund. If that doesn’t happen within the three-year window, the refund goes to the U.S. Treasury.

Keep in mind that in order to get a 2014 tax refund, taxpayers may have to also file federal returns for 2015 and 2016. Also, the refund will be applied to any amounts owed to the IRS or a state tax agency. A refund amount may also be used to offset unpaid child support or past-due federal debts, such as student loans.

More Than Just Refunds

Taxpayers who fail to file a 2014 tax return stand to lose more than just a refund. Many low- and moderate-income workers could also be eligible for the Earned Income Tax Credit (EITC), which was worth as much as $6,143 for 2014.

The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2014 were:

• $46,997 ($52,427 if married filing jointly) for those with three or more qualifying children;
• $43,756 ($49,186 if married filing jointly) for people with two qualifying children;
• $38,511 ($43,941 if married filing jointly) for those with one qualifying child, and;
• $14,590 ($20,020 if married filing jointly) for people without qualifying children.

Taxpayers missing Forms W-2, 1098, 1099, or 5498 should request copies from employers, bank or other payer. Those unable to get the forms for tax years 2014-16 can order a free wage and income transcript on IRS.gov using the Get Transcript Online tool.

As an alternative, taxpayers can file Form 4506-T to request a wage and income transcript. This document shows data from information returns received by the IRS, such as Forms W-2, 1099, 1098, Form 5498, and IRA contributions. This information can be used to file a tax return.

State-by-state estimates of individuals who may be due 2014 income tax refunds 

* Excluding the Earned Income Tax