Do not miss anything as you wait for your tax refund. I will tell you everything you need to know right here. We are taking things one step at a time, but first: I do not know if you knew this, but the Internal Revenue Service (IRS) has a lot of money that has been sitting there for years not being used.
The IRS wants to find the people who should get more than $1.025 billion in tax refunds from the year 2021. There are 1.1 million people who have not yet asked for their money.
You have until April 15, 2025, to file your return. You will lose the money if you wait until that date comes and goes. We do not want that to take place. You should look into these rebates even if you think they are not worth much money. Half of them are over $781.
Who could be on this list of unclaimed tax refunds?
A lot of the people who are affected are students, part-time workers, or people with low or middle incomes. For those who had federal taxes taken out of their pay, some people do not even know they need to file a return. But remember that the IRS could hold some of your refund even if you file late if you still owe money on things like student loans, child support, or taxes from 2022 or 2023.
According to the law, the IRS has to give people three years to claim tax refunds that the federal government has saved up. People who are supposed to get the money must claim it by April 15. If they don’t, the money will go into the US Treasury.
Let’s talk about this year’s refunds: When do the April checks arrive?
It is already being paid by the IRS if you filed your 2024 tax return after April 4, 2025. If you would rather get a check in the mail, it takes an extra week. Most of them come through direct deposit. Based on when they accepted your declaration, here are the important dates:
- Declaration accepted on April 7: Direct deposit on April 18 / Check starting on the 25th.
- Declaration accepted on April 14: Direct deposit April 25 / Check starting May 2.
- Declaration accepted on April 21: Direct deposit on May 2 / Check starting on the 9th.
- Declaration accepted on April 28: Direct deposit on May 9 / Check starting on the 16th.
Of course, these dates are just rough guesses. It might take a little longer to get your refund if you filed during busy times (like March), if there were mistakes on your return, or if you claimed credits like the EITC. Do not worry, though. The IRS is usually on time if everything is in order.
And what about the Earned Income Tax Credit (EITC)?
This benefit is a huge help for families with moderate incomes. For the 2021 tax year, the EITC can be up to $6,728 if you have three or more children. The income requirements are:
- With three or more children: $51,464 per year ($57,414 if you present together with your partner).
- With two children: $47,915 per year ($53,865 in joint statement).
- With a child: $42,158 per year ($48,108 on the whole).
- Childless: $21,430 per year ($27,380 on the whole).
Do not stop getting this credit if you meet these numbers. A lot of people do not know what they can get, especially if they have not had to file a tax return in the past. But be careful: if taxes were taken out of your paycheck, you might get some of it back if you file a return, even if you do not owe any taxes.
