The Internal Revenue Service has made a final reminder. It is time for American taxpayers to act as soon as possible. There is an approaching deadline to claim more than $1 billion in tax refunds for tax year 2021.
Once the deadline is over, all the money that has not been claimed will be for the United States Treasury. So, it would be wise to check if you qualify for a refund before it is too late and you miss out on this direct deposit or check from the IRS.
IRS deadline to claim 2021 refunds
The Agency informed taxpayers that the deadline to claim the 2021 tax refunds will be April 15, 2025. Believe it or not, more than 1.1 million taxpayers across the United States have unclaimed refunds for tax year 2021.
Therefore, April 15 will be the last day to submit their 2021 tax returns. Hence, if you have not filed your Form 1040, Federal Income Tax Return, for the 2021 tax year and you qualify, do so before it is too late to regret it.
Bear in mind that these tax refunds do not include the Recovery Rebate Credit or any other credits you may qualify for. Therefore, your 2021 tax refund may be even larger than the average.
IRS unveils the median refund amount
The Internal Revenue Service estimates the median 2021 refund amount is 781 dollars. Hence, half of the refunds are higher than that amount, and the other half lower.
This will be the final deadline because the U.S. law allows taxpayers to claim their money within 3 years. Depending on the State where you are currently living, the median amount may be lower or higher.
Check if you qualify for the Earned Income Tax Credit. It could boost a 2021 tax refund up to $6,728 if you have qualifying children. Do not worry if you do not have key documents since you can still get them. Create an IRS online account to get them online easily.