Taxpayers in D.C., Maryland, and Virginia could be missing out on millions of dollars in unclaimed refunds from the IRS, and time is running out to claim this money.
The Internal Revenue Service announced this week that nearly 1.1 million people across the country could be eligible for a share of over $1 billion in unclaimed refunds for the 2021 tax year. However, taxpayers must file their returns by April 15 to receive the refund.
According to the IRS, the median refund amount for 2021 is $781, but it could be higher for some, especially low-to-moderate-income earners who qualify for the Earned Income Tax Credit. For 2021, the EITC could have been worth up to $6,728 for eligible taxpayers with children.
By law, taxpayers typically have three years to file and claim their tax refunds. If they fail to do so within that time frame, the funds are forfeited to the U.S. Treasury.
For taxpayers in the D.C. area, here’s the breakdown of potential refunds:
* Washington, D.C.: An estimated 2,700 people are owed an average refund of $883, which comes out to a whopping $2,642,900.
* Maryland: About 22,900 people are an average of $837 in unclaimed refunds. That comes out to a total of $21,766,300.
*Virginia: Around 28,500 people are owed an average of $749 back, which adds up to $25,896,200
Click here to read the rest of the article written by Christopher Harris over at Fox 5 DC
