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Florida Residents Owed $61 Million In Unclaimed 2021 Tax Refunds, But Time Is Running Out

The IRS recently announced that more than $1 billion in tax refunds remain unclaimed because over 1.1 million people have yet to file their 2021 tax returns.

In Florida alone, nearly 70,000 individuals could be missing out on a combined $61 million in refunds. This figure doesn’t even account for additional credits, like the Recovery Rebate Credit, which could further boost the amount of money owed.

How Much Are Florida Residents Owed?

According to the IRS, unclaimed refunds stem from taxes withheld from wages or paid during 2021. Here’s how the numbers break down for Florida:

  • Total potential refunds: $61,087,200
  • Estimated number of people owed refunds: 69,800
  • Median potential refund: $732

This means half of the refunds will be greater than $732, while the other half will be lower, depending on individual tax circumstances.

Florida ranks fourth in the U.S. for unclaimed refunds, following Texas ($94.8 million), California ($92.3 million), and New York ($74.5 million).

National Median Refund for 2021

The national median refund for 2021 is estimated at $781, excluding additional credits such as the Recovery Rebate Credit.

Additional Credits Some Floridians May Qualify For

Many low- and moderate-income earners may also be eligible for the Earned Income Tax Credit (EITC), which was worth up to $6,728 in 2021 for those with qualifying children. The income eligibility limits were:

  • No children: Up to $21,430 ($27,380 for joint filers)
  • One child: Up to $42,158 ($48,108 for joint filers)
  • Two children: Up to $47,915 ($53,865 for joint filers)
  • Three or more children: Up to $51,464 ($57,414 for joint filers)

Additionally, the Recovery Rebate Credit could apply to those who didn’t receive their stimulus payments—potentially providing up to $1,400 per person or $2,800 for joint filers. This credit also extends to qualifying dependents.

Many taxpayers who failed to claim this credit initially have already received additional payments from the IRS in 2024. However, it’s worth double-checking if you’re still owed money.

Deadline to Claim 2021 Refunds

Taxpayers have until April 15, 2025, to file their 2021 tax return and claim their refund. After that, any unclaimed money goes to the U.S. Treasury.

How to Get the Necessary Documents for a 2021 Tax Return

If you need documents to file your 2021 tax return, you have several options:

  1. IRS Online Account – Log in or create an account at IRS.gov to access tax records, wage statements, and transcripts.
  2. Employer or Bank – If you’re missing Forms W-2, 1098, 1099, or 5498, request copies from your employer, bank, or other payers.
  3. Request by Mail – Order tax transcripts at irs.gov/individuals/get-transcript or call 800-908-9946 for automated service.
  4. File Form 4506-T – Submit this form to the IRS for a wage and income transcript, though it may take weeks to process.

Can You File for 2021 If You Haven’t Filed for 2022 or 2023?

Yes, you can still file your 2021 return, even if you haven’t submitted 2022 or 2023 returns. However, the IRS may hold your refund if you have outstanding tax returns or debts, such as unpaid child support or federal loans.

If you think you’re owed a refund, it’s worth checking as soon as possible—before your money disappears for good!

 

Source:  News-Press