Categories: USA News

IRS Alert: $94.7 Million in Unclaimed Tax Refunds – Is Yours One of Them?

The IRS has issued a warning to taxpayers: Nearly $94.7 million in unclaimed refunds from prior tax years is at risk of being permanently lost if not claimed soon. With strict deadlines approaching, thousands of Americans could miss out on money they’re legally owed.

This comprehensive guide explains how to check if you have an unclaimed refund, key deadlines, and steps to claim your money before it’s too late.

Why Are There Millions in Unclaimed Refunds?

Each year, the IRS holds onto undelivered or unclaimed tax refunds for various reasons, including:

Incorrect mailing addresses – Refund checks returned as undeliverable.
Unfiled tax returns – Some taxpayers fail to file, leaving refunds unclaimed.
Math errors or missing information – Returns processed late may delay refunds.

The IRS estimates that $94.7 million in refunds remains unclaimed, with an average payout of $893 per taxpayer.

How to Check if You Have an Unclaimed Refund

1. Use the IRS “Where’s My Refund?” Tool

Visit IRS.gov/refunds and enter your:

Social Security Number (SSN)
Filing status
Exact refund amount

2. Check Your State’s Unclaimed Property Database

Some refunds may be held at the state level if the IRS couldn’t deliver them. Search your state’s treasury website.

3. Review Past Tax Returns

If you filed but never received a refund, check your records or contact the IRS at 800-829-1040.

Deadlines to Claim Your Refund

The IRS only holds refunds for three years before the money becomes property of the U.S. Treasury. Key deadlines:

2020 Tax Year Refunds – Must be claimed by April 15, 2024 (or October 15 with an extension).
2021 Tax Year Refunds – Deadline is April 15, 2025.
2022 Tax Year Refunds – Deadline is April 15, 2026.

After these dates, unclaimed refunds are forfeited permanently.

FAQs: Unclaimed Tax Refunds Explained

1. What If I Didn’t File a Tax Return for That Year?

You can still claim a refund by filing a late return for the applicable tax year. However, if you owe taxes for other years, the IRS may offset your refund.

2. Can I Claim a Refund for a Deceased Relative?

Yes, but you’ll need to file as the estate executor and provide proper documentation.

3. Will the IRS Notify Me About Unclaimed Refunds?

No—the IRS does not proactively contact taxpayers about unclaimed money. You must check yourself.

4. What If My Refund Was Sent to the Wrong Bank Account?

Contact the IRS immediately. If the deposit was rejected, the IRS will reissue a paper check.

5. Are Unclaimed Refunds Taxable?

No—refunds are your own money returned to you, not additional income.

How to Claim Your Missing Refund

Step 1: Gather Necessary Documents

W-2s, 1099s, or other income statements from the tax year in question.
Previous tax return (if applicable).

Step 2: File an Amended or Late Return

Use IRS Form 1040-X if you need to correct a prior return.
For unfiled returns, submit the original Form 1040 for the missing year.

Step 3: Submit to the IRS

E-file if possible for faster processing.
Mail paper returns to the correct IRS address (check IRS.gov for your location).

Step 4: Track Your Refund Status

Use the “Where’s My Refund?” tool or call the IRS for updates.

Tips to Avoid Losing Your Refund in the Future

File taxes on time, even if you can’t pay—you may still qualify for a refund.
Use direct deposit to prevent lost or stolen checks.
Update your address with the IRS if you move.
Double-check your return for errors before submitting.

Final Warning: Don’t Let Your Money Disappear!

With $94.7 million in unclaimed refunds at stake, now is the time to act. If you suspect you’re owed money from past tax years, check the IRS website today and file before the deadline passes.

Visit IRS.gov/refunds now to see if you have an unclaimed refund—before it’s gone forever!

By following this guide, taxpayers can recover lost refunds and avoid missing out on hard-earned money. Don’t wait—claim what’s yours before time runs out!

Vansh Baghel