$686 IRS refund: Millions still haven’t claimed it, deadline closing in

More than 1.3 million Americans still have tax refunds from 2022 that they never claimed. The Internal Revenue Service (IRS) said it is holding about $1.2 billion in unclaimed refunds. The median refund amount is $686, meaning many people could get around this much money. Around 22,500 people in Alabama alone are owed refunds, with a median amount of $674.

In total, Alabama residents are owed about $19.5 million in refunds, as reported by al.com. The deadline to claim the money is April 15. After that, people may lose the refund. Under federal law, taxpayers usually have three years to file and claim their refund. If they don’t file within three years, the money becomes property of the U.S. Treasury.

Extra tax credit info

The refund totals do not include extra credits, like the Earned Income Tax Credit worth up to $6,935 in 2022. Refunds from 2022 may be held if the person has not filed tax returns for 2023 or 2024. Any 2022 refund can be used to pay debts, like unpaid taxes, child support, or past-due student loans. People can file using Form 1040 or 1040-SR, available on IRS forms pages or by calling the IRS helpline.

Missing tax documents

Taxpayers missing documents like W-2, 1098, 1099, or 5498 should request them from employers, banks, or payers, as stated by al.com. They can also use the Get Transcript Online tool on IRS website to get wage and income details. Another option is filing Form 4506-T to request a wage and income transcript from the IRS.

How transcript helps

This transcript shows income details from forms like W-2 and 1099, which can help complete the tax return. Millions of people could still get about $686, but they must file before April 15 or the money is gone.

FAQs

Q1. Who can still claim the $686 tax refund?

People who did not file their 2022 tax return may still claim the refund from the Internal Revenue Service before the deadline.

Q2. What happens if you miss the April 15 deadline?

If you don’t file in time, the refund money goes to the U.S. Treasury and you cannot claim it later.