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IRS: What happens to unclaimed tax refunds?

At least one million Americans have tax refunds from four years ago still with the IRS.

IRS building

April 18 is the last day to file your 2021 taxes and to claim old refunds from 2018.

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Unclaimed refunds

The IRS has said that they have $1.5 billion in unclaimed tax refunds. This is due to the 1.5 million who haven’t filed their tax returns. Read more about it here.

Unclaimed tax money can be held onto by the IRS for three years. That means April 18 is the last day to claim your money from four years ago.

Tax returns for previous years cannot be filed electronically. Make sure you contact the IRS before that date.

Taxpayers in Maine and Massachusetts have an extra day this year. Tax Day was pushed back until April 19 in these states in observance of Patriots’ Day.

If you don’t claim your tax refund, they money will go to the Department of the Treasury. The money will be applied to what you owe the IRS or s state tax agency.

The money could also be used to offset unpaid child support or past due federal debts.

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