Taxpayers Could End Up Leaving $1.3 Billion on the Table. Here's Why

By newsfeedback@fool.com (Maurie Backman)8 days ago

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Most people who file a tax return wind up with a refund. But if you're due a refund and don't file a tax return, you'll forgo that money.

This may be the case for an estimated 1.3 million Americans who are owed a refund for the 2017 tax year. The IRS recently announced that it's hanging onto over $1.3 billion in unclaimed money, and those who are eligible to split that pot only have a limited window of time to go after their cash.

Why you may be due a refund

Some low-income workers don't have to file a tax return. But if you don't, you could end up missing out on important tax credits that put more money back in your pocket.

Image source: Getty Images.

One such credit is the Earned Income Tax Credit, or EITC, which, for the 2017 tax year, is worth up to $6,318. What makes the EITC unique is that it's fully refundable, so if you owe the IRS no money and qualify for the credit, the IRS will pay you the entire difference.

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