$1 billion in unclaimed tax refunds to expire soon: How to claim your money


$1 billion in unclaimed tax refunds to expire soon: How to claim your money

Alabamians who haven't claimed their tax returns from 2021 will lose them if they don't act before tax time this year.

An estimated 18,100 Alabamians who did not file their form 1040 federal tax return for 2021 have a little more than a month to file before the refunds expire at the three-year mark.

After that point, the U.S. treasury will keep the money, according to the IRS.

The median refund amount for Alabamians is $743, according to the IRS. The deadline to file the 2021 returns is Tax Day on April 15.

For Alabamians wanting to file their taxes, the IRS suggests creating an online IRS account and collecting copies of key documents to prepare.

You can see more on filing here.

According to the IRS, an estimated $1 billion has not been claimed by 1.1 million taxpayers for the 2021 year.

Taxpayers eligible for the Earned Income Tax Credit for 2021 may also claim those funds if they file their returns for the year. Qualifying incomes are $21,430 for a single person without children or up to $57,414 for a married couple filing jointly with three or more qualifying children.

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