Over 1.3 million people across the United States have unclaimed tax refunds amounting to approximately $1.2 billion, according to a March 20 statement from the Internal Revenue Service.
The unclaimed refunds are for taxpayers who have not filed their Form 1040 federal income tax return for the 2022 tax year, with the April 15 deadline to submit returns.
“The IRS estimates the median refund amount is $686 for 2022, which means that half of the refunds are more than $686. This estimate does not include credits that may be applicable,” according to the statement.
If a taxpayer does not claim the refunds within three years, the money becomes the property of the U.S. Treasury. In addition to the refund, many low- and moderate-income workers stand to lose the Earned Income Tax Credit (EITC) in 2022 if they do not file a tax return by the deadline….