As many as 1.1 million Americans risk forfeiting a combined $1 billion in tax refunds from the 2021 tax year, the IRS warns. These refunds, belonging to individuals who have yet to file their Form 1040 Federal Income Tax Return, could soon revert to the U.S. Treasury. In New Jersey alone, 31,700 taxpayers have not filed, totaling $26.5 million in potential refunds. The IRS reports that the median refund is $781, with some states like Pennsylvania, Massachusetts, and Rhode Island seeing higher refunds—over $900. Residents are urged to act soon to claim their refunds before time runs out.
Source: IRS
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