With Tax Day looming, $1.1 billion in taxpayer funds waiting to be claimed: IRS

Tax Day is around the corner -- and for 1 million lucky taxpayers, they may be able to cash in from a pot of $1.1 billion of unclaimed funds.

That's the message the Internal Revenue wants to get out before April 17, the deadline to file for unclaimed federal tax funds.

The IRS gives taxpayers up to three years to file a claim for a refund. So for those who didn't file a federal tax return in 2014, there's still time.

"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.

Kautter said students and part-time workers are the likeliest among taxpayers who may have overlooked filing that year.

"And there's no penalty for filing a late return if you’re due a refund," he said.

The median potential refund is $847.

On April 18, however, the money is off limits. That's when it becomes the property of the U.S. Treasury.

Beyond their refunds, some low-to-moderate income workers, who are eligible for the earned income tax credit, could lose up to $6,143 if they fail to file a 2014 federal tax return.

Texas, meanwhile, has the highest number of taxpayers who could cash in, 108,100, and are owed the most amount of money at $121,956,100, according to the IRS; Vermont has the lowest number at 2,100, who are owed a little more than $2 million.

The deadline to file taxes for 2017 is also April 17, two days later than the normal date.