(Nexstar) – The IRS says an estimated $1 billion tax refund from the 2021 tax year could become property of the U.S. Treasury if more than 1.1 million Americans do not take action immediately.
A refund belongs to those who did not file a Form 1040 federal income tax return for the 2021 tax year (meaning taxes filed in April 2022).
According to the IRS, the median tax refund is $781 and does not include applicable credits.
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In some states, the IRS shows a higher median potential refunds. Median refunds can be over $900 in Pennsylvania, Massachusetts and Rhode Island.
The searchable table below shows the number of people by state who have not yet filed a federal income tax return for the 2021 tax year, as well as the median potential refunds for each state.
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Americans usually have three years to file and request tax refunds, so the deadline to request these payments is April 15, 2025. The only way to make a claim is to return the 2021 tax year.
If you do not request a refund, you may end up with the qualifying earnings tax credit in 2021. The IRS reported at the time that the EITC threshold was:
$51,464 for people with three or more eligible children ($57,414 if they are jointly married) $47,915 for people with two eligible children ($53,865 if they are jointly married) $48,108 for people with two eligible children ($48,108 if they are jointly married) $21,430 for one eligible child ($21,430)
The EITC was worth $6,728 for the 2021 tax year.
Even if you apply for a 2021 tax refund before the April 15 deadline, if you have not yet filed your tax return for the 2022 and 2023 tax years, the IRS warns you may be withheld. If you owe the IRS or state tax agency, or if you have unpaid child support or other federal debts (such as student loans), a refund will be applied first.
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The IRS recommends collecting 2021 tax documents (for example, form W-2, 1099, or 5498) before filing your federal tax return. You can use your IRS individual online account to access your tax records and transcripts, or use Get Transcripts via email to request a transcript for your tax return or account, using Get Transcript via email. For more information, please visit the IRS website.
The deadline for filing taxes for 2024 is April 15th this year.
