Personal Finance

$26M In Unclaimed Tax Refunds Await Thousands Of MA Residents

Taxpayers usually have three years to file and claim their tax refunds. The latest deadline is fast approaching.

MASSACHUSETTS — A pot of unclaimed refunds for tax year 2021 — totaling more than $26 million — awaits thousands of Massachusetts residents, according to an announcement Tuesday from the Internal Revenue Service.

The IRS estimates that $26,581,100 in refunds remain unclaimed by 27,000 Bay State taxpayers who have not filed their Form 1040, Federal Income Tax Return, for the 2021 tax year.

The IRS estimates the median refund amount for these residents is $936, though some will be higher and some lower. According to the federal agency, the estimate does not include the Recovery Rebate Credit or other applicable credits.

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Under federal law, taxpayers usually have three years to file and claim their tax refunds. If they don’t file within that time period, the money becomes the property of the U.S. Treasury.

For those who have yet to file, there could be more money at stake.

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