Over $1 Billion in Unclaimed Tax Refunds Due by April 15

The IRS has announced that over 1.1 million taxpayers have unclaimed refunds for the 2021 tax year, totaling more than $1 billion. Taxpayers have until April 15, 2025, to file their federal income tax return and claim their refunds, after which the money will revert to the U.S. Treasury. The estimated median refund is $781, but many could qualify for additional credits, such as the Recovery Rebate Credit and the Earned Income Tax Credit, which could significantly increase their refunds. The IRS warns that if taxpayers do not file for 2021 and subsequently have not filed for 2022 or 2023, their refunds may be withheld. Moreover, any refunds owed might be applied to outstanding debts to the IRS or other agencies. The IRS emphasizes the urgency for eligible taxpayers to act to secure their refunds before the deadline.