Time is running out to claim $1.2 billion in refunds for tax year 2022; taxpayers face April 15 deadline

WASHINGTON, DC (VR) ― The Internal Revenue Service today announced that over 1.3 million people across the nation have unclaimed refunds for tax year 2022 and face an April 15 deadline to submit their tax returns.

The IRS estimates that approximately $1.2 billion in refunds remains unclaimed for taxpayers who have not filed their Form 1040 Federal income tax return for the 2022 tax year. The IRS estimates the median refund amount is $686 for 2022, which means that half of the refunds are more than $686. This estimate does not include credits that may be applicable.

Under the law, taxpayers usually have three years to file and claim their tax refunds. If they do not file within three years, the money becomes the property of the U.S. Treasury.

The table below shows the number of taxpayers potentially eligible for these refunds and the estimated median refund amount by state.

By not filing a tax return, taxpayers stand to lose more than just their refund of taxes withheld or paid during 2022. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit in 2022, the EITC was worth up to $6,935 for taxpayers with qualifying children. The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2022 were:

• $53,057 ($59,187 if married filing jointly) for those with three or more qualifying children;
• $49,399 ($55,529 if married filing jointly) for people with two qualifying children;
• $43,492 ($49,662 if married filing jointly) for those with one qualifying child, and;
• $16,480 ($22,610 if married filing jointly) for people without qualifying children.

The IRS reminds taxpayers seeking a 2022 tax refund that their funds may be held if they have not filed tax returns for 2023 and 2024. In addition, any refund for 2022 will be applied to amounts still owed to the IRS or a state tax agency and may be used to offset unpaid child support or other past due federal debts, such as student loan debts.

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 to file a 2022 tax return? There are several options to get key documents

Although it’s been a few years since 2022, the IRS reminds taxpayers that there are ways they can still gather the information they need to file the 2022 tax return. But taxpayers should ensure they have enough time to file before the April deadline for 2022 refunds. Here are some options:

• 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. For many taxpayers, this is by far the quickest and easiest option.

• 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. Plan ahead, written transcripts requests using Form 4506-T can take several weeks. Taxpayers are strongly urged to try other options first.

State-by-state estimates of individuals who may be due 2022 income tax refunds

Based on the tax information currently available, the IRS estimated how many taxpayers in each state may be entitled to a tax refund.