The Internal Revenue Service said Friday that more than 1.2 million taxpayers only have until April 15 to claim a total of approximately $1.2 billion in refunds for tax year 2022.
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The IRS estimates the median refund amount is $686, with about half of them for a greater sum. Under the law, taxpayers typically have three years to file and claim their tax refunds.
If they don’t file their 2022 tax returns within three years, the money becomes the property of the U.S. Treasury. However, there’s a catch. Taxpayers seeking a 2022 tax refund could still have the funds held if they haven’t yet filed their tax returns for 2023 and 2024 either.
Any refund for 2022 will be applied to the amounts still owed to the IRS or a state tax agency and can also be used to offset unpaid child support or other past due federal debts, including student loan debts.
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