By Leada Gore
al.com
(TNS)
More than 1.3 million Americans have unclaimed tax refunds dating back to 2022, but the time to claim the money is running out.
The Internal Revenue Service estimates it has about $1.2 billion in unclaimed refunds for taxpayers who did not file their Form 1040 federal income tax return for the 2022 tax year. The medium refund amount is $686.
The deadline to claim the money is April 15.
Under federal law, taxpayers usually have three years to file and claim their tax refunds. If they don’t do so, the money becomes the property of the U.S. Treasury.
The totals don’t include additional tax credits, such as the Earned Income Tax Credit, which was worth up to $6,935 in 2022. However, 2022 refunds can be held if a person has not filed tax returns in 2023 or 2024. Also, any refund for 2022 will be applied to amounts still owed to the IRS or state tax agency and may be used to offset unpaid child support or other past-due federal debts, such as past-due student loans.
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How to file for your money
Current and prior year tax forms, such as the tax year 2022 Forms 1040 and 1040-SR, and instructions are available on the IRS.gov Forms & Instructions page or by calling toll-free 800-TAX-FORM (800-829-3676).
Need information to file?
Here’s how to get that information, according to the IRS.
- Request copies of key documents: Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for the years, 2022, 2023 or 2024 can request copies from their employer, bank or other payers.
- Use Get Transcript Online at IRS.gov: Taxpayers who are unable to get missing forms from their employer or other payers can order a free wage and income transcript at IRS.gov using the Get Transcript Online tool.
- Request a transcript: Another option is for people to file Form 4506-T with the IRS to request a “wage and income transcript.” A wage and income transcript shows data from information returns received by the IRS, such as Forms W-2, 1099, 1098, Form 5498 and IRA contribution information. Taxpayers can use the information from the transcript to file their tax return.
Photo credit: JJ Gouin/iStock
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