The Internal Revenue Service (IRS) estimates that nearly $37 million in unclaimed 2022 federal income tax refunds are owed to Michigan taxpayers. The median refund amount nationwide was $686 for 2022, meaning half of those refunds are over $686. The IRS has also revealed that $1.2 billion in income tax refunds remain unclaimed for taxpayers who have not filed a 1040 federal income return for the 2022 tax year. The estimate does not include some unclaimed generous tax credits, such as the earned income tax credit, for those who qualify. Taxpayers with unclaimed tax refunds usually have three years to file and claim their tax refunds, which become the property of the U.S. Treasury. Taxpayer seeking a 2022 tax refund may see the IRS retain the refund if the taxpayer has not yet filed tax returns for 2023 and 2024.