Summary
The IRS has warned that more than a million Americans could lose refunds totaling $1.2 billion if they do not file their 2022 tax returns by April 15. If taxpayers miss this deadline, they will not be able to claim refunds, and the money will go to the U.S. Treasury.
Key Facts
- Over 1.3 million Americans have not filed their 2022 federal tax returns.
- These unfiled returns could result in about $1.2 billion in unclaimed refunds.
- The median refund for 2022 unfiled returns is estimated at $686.
- According to U.S. tax laws, taxpayers have three years to claim a refund.
- Unclaimed refunds after this period go to the U.S. Treasury.
- The Earned Income Tax Credit, up to $6,935 in 2022, is available for eligible low- to moderate-income workers.
- Taxpayers can request missing tax documents like W‑2s from employers or banks.
- The IRS has released data showing potential refunds still due in each state, with California and Texas leading the numbers.
