The median potential refund per person in the state is approximately $696.

Under the law, taxpayers usually have three years to file and claim their tax refunds. If a return isn’t filed within that time frame, the money ultimately becomes the property of the U.S. Treasury.

“Taxpayers who didn’t file a federal tax return for 2021 for whatever reason could be eligible for a refund and they don’t know it,” IRS spokesperson Jeanne Rohrer explained in an email to the Standard-Examiner. “The only way to claim a refund is by filing a federal return by April 15, 2025.”

Rohrer added that even those whose income was below the amount where filing is required should file now as they may still get money back.

An IRS release noted that many low- and moderate-income workers may also be eligible for the Earned Income Tax Credit, or EITC. The EITC for 2021 was worth as much as $6,728 for taxpayers with qualifying children.

The income thresholds for the 2021 EITC were as follows:

• $51,464 ($57,414 if married filing jointly) for those with three or more qualifying children.
• $47,915 ($53,865 if married filing jointly) for people with two qualifying children.
• $42,158 ($48,108 if married filing jointly) for those with one qualifying child.
• $21,430 ($27,380 if married filing jointly) for people without qualifying children.

Money may be held by the IRS from taxpayers seeking a 2021 tax refund if they haven’t filed returns for 2022 and 2023. Also, money from 2021 refunds may be applied to amounts still owed to the IRS or a state tax agency or used to offset past-due federal debts.

The IRS estimates that more than $1 billion in refunds remain unclaimed by taxpayers who haven’t filed returns for the 2021 tax year.

“The IRS suggests your readers log on to irs.gov and if they don’t have an account — set one up. They can find out filing history, tax account information and wage and income statements,” Rohrer wrote. “If you did not file your 2021 federal return, there are forms and instructions on the website on how to do that.”