IRS Has $1 Billion For Those Who Did Not File Tax Returns In 2008

Did you file your 2008 tax return?

One million people did not, and as a result, the Internal Revenue Service is sitting on a pile of cash -- $1 billion to be precise -- in unclaimed tax refunds, the IRS announced last week.

Half of the refunds waiting to be had are worth $637 or more, the IRS said.

It's not too late to claim your refund if you were one of the million people who were not required to file a tax return because you made under a certain amount of money.

In fact, you have until April 17, 2012 to file a 2008 tax return, according to the IRS, before the extra cash becomes the property of the U.S. Treasury.

Tax refunds are not the only money you could potentially lose out on by not filing a tax return. According to the IRS:

Some people, especially those who did not receive an economic stimulus payment in 2008, may qualify for the Recovery Rebate Credit. In addition, many low-and moderate-income workers may not have claimed the Earned Income Tax Credit (EITC).

Think you're owed money? You can access old tax forms at IRS.gov.