The IRS has more than $1 billion in unclaimed tax refunds, but deadline to file is nearing

WASHINGTON -- If you didn't file your taxes from 2014, time is running out to claim your share of more than $1 billion in unclaimed tax refunds from that year.

According to the IRS, more than a million people living in all 50 states are owed a median refund of $847.

In a news release, IRS commissioner David Kautter pointed out that students and part-time workers are among those due a refund who are likely to have overlooked filing a return.

In addition to a refund of taxes withheld, many low- and moderate-income workers may also be eligible for more than $6,000 through the Earned Income Tax Credit, according to the agency.

For those owed a refund, there is no penalty for filing a late return. By law, 2014 returns must be postmarked by April 17, 2018. Unclaimed refund money becomes the property of the U.S. Treasury after that date.

In order to receive a 2014 refund, taxpayers must have filed for 2015 and 2016 -- otherwise, the IRS may choose to withhold their refund until all filings are brought up to date.