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IRS Warns Taxpayers of April 15 Deadline to Claim $1 Billion in 2021 Refunds

Over a million Americans risk losing significant refunds and tax credits if they fail to file their 2021 tax returns by the federal deadline.

Overview

  • The IRS estimates that 1.1 million taxpayers have unclaimed refunds for the 2021 tax year, totaling over $1 billion.
  • The median refund amount for 2021 is $781, though additional credits like the Earned Income Tax Credit (EITC) could increase this amount significantly.
  • Unclaimed refunds will become property of the U.S. Treasury if taxpayers fail to file their returns by April 15, 2025.
  • Taxpayers who have not filed returns for 2022 or 2023 may face delays or reductions in their 2021 refunds due to outstanding obligations or debts.
  • The IRS provides tools like the Individual Online Account and Form 4506-T to help taxpayers access necessary documents and file their returns promptly.