INDIANAPOLIS (WANE) — Indiana taxpayers will receive a $125 refund after filing their 2021 taxes.

Gov. Eric Holcomb on Wednesday said the state closed the fiscal year with an “unprecedented” amount in reserves, previously reported as $3.9 billion. Holcomb said as a result, “we have an obligation to put this money back in the hands of taxpayers instead of leaving it in the hands of government.”

An estimated $545 million will be returned to Hoosiers in refunds, the state said.

Refunds are expected to be completed by May 1, 2022, the state said, for taxpayers who file by April 18.

In July, the state said single filers could receive up to $170 and joint filers could see $340 in refunds due to the extra state revenue. Under Indiana law, anytime the state’s reserve dollars go above 12.5% of the total budget, that revenue must be distributed back to taxpayers.

More information will be released by the state later in 2022.