Unclaimed refunds reaching up to a billion could be up for grabs--how much will you receive?
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Are you one of the million-plus individuals who might be leaving money on the table?
The Internal Revenue Service (IRS) has sounded the alarm: nearly $1 billion in unclaimed tax refunds from 2021 are about to expire, and you have just four weeks to stake your claim.
Here at The GrayVine, we're all about ensuring you get every penny you're due, so let's dive into how you can secure your slice of this financial pie.
The IRS has reported that an estimated 1.1 million Americans have yet to file their Form 1040 Federal Income Tax Return for the year 2021.
If you're among this group, you could be missing out on a median refund of $781.
That's no small change, especially when considering the collective sum waiting to be claimed!
For many, the prospect of tax filing can be daunting, but the potential rewards are too significant to ignore.
Particularly for low- and moderate-income workers, the Earned Income Tax Credit (EITC) could offer a substantial boost, with refunds of up to $6,728 for eligible families.
The IRS stipulates that taxpayers typically have a three-year window to file and claim their refunds.
If this window closes, which it will soon for the 2021 tax year, the unclaimed funds will be absorbed by the US Treasury.
This year, that deadline falls on April 15, 2025, and it's fast approaching. Read here about the key dates and other features you need to know!
The unclaimed refunds are not distributed evenly across the country.
Residents in populous states like California, Florida, and Illinois each have more than $42 million in unclaimed refunds.
Even in less populous states, the numbers are significant, with North Dakota and Montana taxpayers owed over $2 million and $3 million, respectively.
New Yorkers, in particular, might want to pay attention: the average unclaimed refund in the Empire State is a whopping $995.
On the flip side, Californians have the lowest average unclaimed refund at $600—but with over $60 million still unclaimed, it's a substantial sum nonetheless.
If you're thinking, “I'll get around to it eventually,” now's the time to act.
Last year, approximately 900,000 Americans missed their chance to claim their refunds as the deadline passed.
Don't let history repeat itself!
This year's tax season began on January 27 and will end on April 15.
While most taxpayers can expect their refunds within 21 days of filing, the IRS has cautioned that some refunds may take longer to process than in previous years, especially if filed around a national holiday.
With more than 140 million individual returns expected to be filed, the IRS is bracing for a busy season.
Remember, the average refund last year was $3,138—imagine what you could do with an extra boost to your finances!
To claim your refund, you'll need to file your 2021 tax return before the deadline.
For guidance and more information, visit the IRS website or consult with a tax professional who can help navigate the process.
We at The GrayVine urge you not to delay.
Review your records, consult with family members, and ensure that you've filed your 2021 tax return.
If you haven't, gather your documents and take the necessary steps to file before the deadline.
Have you or someone you know ever missed out on an unclaimed tax refund? Do you have tips for staying on top of your tax filings? Share your stories and advice in the comments below. Let's help each other remember and reclaim what's rightfully ours.
Read also:
The Internal Revenue Service (IRS) has sounded the alarm: nearly $1 billion in unclaimed tax refunds from 2021 are about to expire, and you have just four weeks to stake your claim.
Here at The GrayVine, we're all about ensuring you get every penny you're due, so let's dive into how you can secure your slice of this financial pie.
The IRS has reported that an estimated 1.1 million Americans have yet to file their Form 1040 Federal Income Tax Return for the year 2021.
If you're among this group, you could be missing out on a median refund of $781.
That's no small change, especially when considering the collective sum waiting to be claimed!
IRS has one million unclaimed tax refunds from 2021 that expire in 4 weeks. Image source: Kelly Sikkema / Unsplash
For many, the prospect of tax filing can be daunting, but the potential rewards are too significant to ignore.
Particularly for low- and moderate-income workers, the Earned Income Tax Credit (EITC) could offer a substantial boost, with refunds of up to $6,728 for eligible families.
The IRS stipulates that taxpayers typically have a three-year window to file and claim their refunds.
If this window closes, which it will soon for the 2021 tax year, the unclaimed funds will be absorbed by the US Treasury.
This year, that deadline falls on April 15, 2025, and it's fast approaching. Read here about the key dates and other features you need to know!
The unclaimed refunds are not distributed evenly across the country.
Residents in populous states like California, Florida, and Illinois each have more than $42 million in unclaimed refunds.
Even in less populous states, the numbers are significant, with North Dakota and Montana taxpayers owed over $2 million and $3 million, respectively.
New Yorkers, in particular, might want to pay attention: the average unclaimed refund in the Empire State is a whopping $995.
On the flip side, Californians have the lowest average unclaimed refund at $600—but with over $60 million still unclaimed, it's a substantial sum nonetheless.
If you're thinking, “I'll get around to it eventually,” now's the time to act.
Last year, approximately 900,000 Americans missed their chance to claim their refunds as the deadline passed.
Don't let history repeat itself!
This year's tax season began on January 27 and will end on April 15.
While most taxpayers can expect their refunds within 21 days of filing, the IRS has cautioned that some refunds may take longer to process than in previous years, especially if filed around a national holiday.
With more than 140 million individual returns expected to be filed, the IRS is bracing for a busy season.
Remember, the average refund last year was $3,138—imagine what you could do with an extra boost to your finances!
To claim your refund, you'll need to file your 2021 tax return before the deadline.
For guidance and more information, visit the IRS website or consult with a tax professional who can help navigate the process.
We at The GrayVine urge you not to delay.
Review your records, consult with family members, and ensure that you've filed your 2021 tax return.
If you haven't, gather your documents and take the necessary steps to file before the deadline.
Read also:
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