The Internal Revenue Service announced recently that over 1.1 million people across the nation have unclaimed refunds for tax year 2021, but face an April 15 deadline to submit their tax returns. The IRS estimates that more than $1 billion in refunds remain unclaimed by taxpayers who have not filed their form 1040, Federal Income Tax Return, for the 2021 tax year. The IRS estimates the median refund amount is $781 for 2021. That means half of the refunds are more than $781 and half are less. This estimate does not include the recovery rebate credit or other credits that may be applicable. The most forgotten about tax credit is the earned income tax credit those with low to moderate income can be credited as much as $6,728 with qualifying children.
Based on returns from last year, the IRS says nearly 10,000 taxpayers in Kansas have not filed their taxes, with potential refunds of $8.6 million combined. No time like the present. Make sure you get your taxes completed soon. Remember, the deadline is April 15th.
