Those American taxpayers who have not claimed their tax refund for tax year 2021 will only have until April 15, 2025 to do so. In fact, this is the deadline the IRS has set because the U.S. law dictates so.
Taxpayers can claim their tax refunds within 3 years. Once this time goes by, the unclaimed tax refund money becomes property of the United States Treasury. Believe it or not, the pot is over $1 billion, so it is time to act and claim your money.
IRS estimates median refunds are worth $781
The Internal Revenue Service claims that the median refund amount is $781 for tax year 2021. Therefore, part of these refunds will be higher and the other part lower.
Surprisingly, this median refund amount for 2021 refunds do not include the Earned Income Tax Credit, the Child Tax Credit, the Recovery Rebate Credit, or any other credit you may be eligible for.
It implies some taxpayers who have not filed yet their federal income tax return for 2021 could receive even more money. Check the thresholds for each tax credit to see if you qualify.
IRS unveils median potential refund by State
The highest median potential refund is for taxpayers in New York. The IRS has announced that the median refund in this State is worth $995. In total, 73,000 New Yorkers have not claimed their 2021 tax refund.
The number of individuals who have not filed their 2021 tax return and have an unclaimed refund is the highest in California. The total is 116,300, approximately, said the IRS.
However, the median refund amount in California is lower than in New York. Taxpayers could get about $600. Still, it is a great deal of money if you are on a shoestring budget. Visit the official website for more details:
- https://www.irs.gov/newsroom/taxpayers-should-act-now-to-claim-more-than-1-billion-in-refunds-for-tax-year-2021-with-the-april-15-deadline-fast-approaching
