Unclaimed IRS Tax Refunds Available to 1.3 Million People: How to Get Yours

The IRS has more than $1.3 billion worth of unclaimed tax refunds available—and the deadline to claim the money is in seven days.

The agency announced last month that 1.3 million taxpayers who did not fill out a 2017 Form 1040 income tax return are eligible for the payment. The IRS estimates that half of the tax refunds are more than $865.

"The IRS wants to help taxpayers who are due refunds but haven't filed their 2017 tax returns yet," Commissioner Chuck Rettig said in a statement. "Time is quickly running out for these taxpayers. There's only a three-year window to claim these refunds, and the window closes on May 17."

Retting added, "We want to help people get these refunds, but they will need to quickly file a 2017 tax return."

The 2017 tax forms 1040, 1040-A and 1040-EZ, as well as instructions on how to fill them out, are available on the IRS website under the "Forms and Publications" page. A filer can also call a toll-free number, 800-TAX-FORM (800-829-3676), for assistance.

If filers are missing a W-2, 1098, 1099 or 5498 tax form from the year 2017, the IRS recommends requesting a copy from an employer or bank. If they can't do that, they can order a free wage and income transcript through the IRS website.

The law requires filers to properly address and mail the tax return, postmarked by the May 17 deadline. If a taxpayer doesn't file a tax return within the three-year period, the money becomes property of the U.S. Treasury.

The IRS also said that taxpayers seeking a 2017 tax refund may have their checks held if they have not filed tax returns for 2018 and 2019. The refund can be applied to any amount of money still owed to the IRS or a state tax agency, or to offset unpaid child support or student loans.

Texas has the highest estimate of individuals who may be due 2017 income tax refunds, with 133,000. California was second with 132,800 people possibly eligible, followed by Florida with 89,000 and New York with 66,700.

It's not just 2017 tax refunds that people can miss out on. Many low- and moderate-income taxpayers may also be able to receive the Earned Income Tax Credit, which in 2017 was worth as much as $6,318.

The 2017 income thresholds for the Earned Income Tax Credit were $48,340 for those with three or more qualifying children, $45,007 for people with two qualifying children, $39,617 for those with one qualifying child and $15,010 for people without qualifying children.

The thresholds changed slightly for married couples filing jointly, to $53,930 for those with three or more qualifying children, $50,597 for people with two qualifying children, $45,207 for those with one qualifying child and $20,600 for people without qualifying children.

Newsweek reached out to the U.S. Treasury for additional comment but did not receive a response before publication.