The IRS recently announced that over 1.1 million people nationwide have unclaimed refunds for tax year 2021 but face an April 15 deadline to submit their tax returns.
The agency estimates that more than $1 billion in refunds remain unclaimed by taxpayers who have not filed their Form 1040, Federal Income Tax Return, for the 2021 tax year.
The IRS estimates the median refund amount is $781 for 2021. That means half of the refunds are more than $781 and half are less.
Under the law, taxpayers usually have three years to file and claim their tax refunds. If they don’t file within three years, the money becomes the property of the U.S. Treasury. Read more.