Over 1.3 million people across the United States have unclaimed tax refunds amounting to approximately $1.2 billion, according to a March 20 statement from the Internal Revenue Service.
The unclaimed refunds are for taxpayers who have not filed their Form 1040 federal income tax return for the 2022 tax year, with the April 15 deadline to submit returns.
“The IRS estimates the median refund amount is $686 for 2022, which means that half of the refunds are more than $686. This estimate does not include credits that may be applicable,” according to the statement.
If a taxpayer does not claim the refunds within three years, the money becomes the property of the U.S. Treasury. In addition to the refund, many low- and moderate-income workers stand to lose the Earned Income Tax Credit (EITC) in 2022 if they do not file a tax return by the deadline.
The EITC was worth up to $6,935 for taxpayers with qualifying children. Some of the 2022 thresholds for claiming EITC was $43,492 for those with one qualifying child; $49,399 for two qualifying children; and $53,057 for three or more qualifying children.
It was $16,480 for people without qualifying children and $22,610 if filed jointly with a spouse, with more details available on the IRS website.
For filing the return, taxpayers need to start with key documents such as Forms W-2, 1098, 1099, or 5498, which can be obtained from employers, banks, or other payers.
If they’re unable to retrieve missing forms, the IRS’s Get Transcript Online tool can be used to order a free wage and income transcript. Taxpayers can also file Form 4506-T with the IRS to request a “wage and income transcript.”
2026 Refunds, Benefits
As of March 8, 2026, nearly 63.5 million tax returns have been processed with an average refund of over $3,700, according to the Department of the Treasury.The OBBB, signed into law by President Donald Trump last July, introduced tax deductions for various taxpayers—seniors, workers receiving tips or overtime pay, and individuals who pay interest on car loans.
The IRS published Schedule 1-A, which can be used to claim these deductions when taxpayers file their annual Form 1040 returns.
Over 15.5 million returns have claimed no tax on overtime, said the Treasury, adding that more than 9.2 million returns have claimed the Enhanced Deduction for Seniors, and over 3.5 million returns have claimed no tax on tips.
“Halfway through this filing season, the Working Families Tax Cuts are already delivering meaningful relief to middle- and low-income taxpayers, increasing after-tax income and putting more money back into the pockets of American families, workers, and small business owners,” Treasury Secretary Scott Bessent said in a statement.
Besides tax benefits, nearly 3.5 million Trump Accounts have been opened, according to the Treasury, with over 800,000 Americans qualifying for the $1,000 pilot program.