IRS has money for people who didn't file '08 returns

The IRS has money - more than a billion dollars in overpaid federal taxes - it's ready to refund to a million people who did not file their 2008 taxes.

The IRS estimates that it owes money to about 29,900 people in Washington state.

IRS Commissioner Douglas Schulman says their job is to make sure the proper amount of taxes is paid. No less, but no more.

"We collect the money if you owe it, but we also get it back to American's pockets if we owe it back to them," he said.

So who's money is this?

The IRS says mostly low wage earners: people who don't make enough money to owe any taxes, but every week their employer deducts cash from their check.

ABC News asked certified public accountant Fred Slater if there's reason someone shouldn't go after this money?

"No, there's no reason you shouldn't go after it. There no legal issue."

So how much is the average unclaimed refund? The IRS says more than $600. If you don't file your 2008 return by April17, that money goes into the U.S. Treasury

And don't worry that you're filing 3 years late. It's only a crime if you owe IRS money.

For more information

IRS Has $1 Billion for People Who Have Not Filed a 2008 Income Tax Return