Question of the Day: How much tax refund money went unclaimed by 1.5 million Americans who didn’t file their taxes?
Could Uncle Sam have your money? It might be time to check if you missed filing a refund!
Answer:
$1.5 billion in taxpayer refunds
Questions:
- Why is it important to file taxes even if you don’t owe anything?
- Why do you think so many people leave tax refunds unclaimed, and what could be done to prevent this?
- How can learning to file taxes at a young age prepare you for financial independence?
Behind the numbers (Internal Revenue Service):
The IRS estimates almost $1.5 billion in refunds remain unclaimed because people haven't filed their 2019 tax returns yet. Available data includes a special state-by-state estimate of how many people are potentially eligible for these refunds in each state and each state's median potential refund. The average median refund for tax year 2019 was $893. Under the law, taxpayers usually have three years to file and claim their tax refunds. If they don't file within three years, the money becomes the property of the U.S. Treasury.
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Want to access more Taxes-focused activities and resources? Check out the Taxes unit page.
About the Author
Dave Martin
Dave joins NGPF with 15 years of teaching experience in math and computer science. After joining the New York City Teaching Fellows program and earning a Master's degree in Education from Pace University, his teaching career has taken him to New York, New Jersey and a summer in the north of Ghana. Dave firmly believes that financial literacy is vital to creating well-rounded students that are prepared for a complex and highly competitive world. During what free time two young daughters will allow, Dave enjoys video games, Dungeons & Dragons, cooking, gardening, and taking naps.
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