The IRS said Tuesday that more than $1 billion in tax refunds remain unclaimed by approximately 1.1 million people who have not filed a 1040 form for the 2021 tax year, and if they don’t claim the refunds by April 15, the money becomes property of the U.S. Treasury.
The agency said in a news release that it estimated the median unclaimed refund amount is $781 for 2021, and that the estimate does not include the Recovery Rebate Credit or other credits that might be applicable.
“By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2021,” the IRS said. “Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit. For 2021, the EITC was worth as much as $6,728 for taxpayers with qualifying children. The EITC helps individuals and families whose incomes are below certain thresholds.
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