Here's how many millions the IRS owes New Yorkers over failed tax- return filings – New York Post

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by Lauren Elkies Schramm

Uncle Sam has a lot of cash for New Yorkers.

IRS estimates $60.8 million in refunds still not claimed 51,400 New Yorkers did not file a 2020 tax return, or the median potential refund per individual is $1,029.

“People are facing extremely unusual circumstances during the pandemic, which may have caused some to forget about the possibility of a refund on their 2020 tax return,” said IRS Commissioner Danny Wuerffel. Stated. “People may just be missing out on these, like students and part-time workers.”

Return data for 2021, 2022, and 2023 is not yet available.

New York ranks third in the nation in total unclaimed refunds, behind Texas, which has $107.1 million in pending refunds, and California, which has $94.2 million in pending refunds. There is.

Living conditions for New York residents worsened in 2019, with the IRS reporting that 81,600 New York residents owes $86.8 millionThe median individual refund amount is $945.

About 940,000 people nationwide still owe $1 billion in refunds for the 2020 tax year, according to the IRS.

About 1.5 million people owed $1.5 billion during the 2019 tax year.

“Many more people did not file their 2019 taxes. [as with the 2020 taxes]That may be due to the challenges of the pandemic,” said financial lawyer Leslie Tain. “The tax deadline coincides with a period of heightened uncertainty regarding things like jobs and income, and many taxpayers skipped filing to avoid tax bills that could negatively impact their already unstable finances at the time. there is a possibility.”

$1 billion in refunds is just a fraction of what the IRS will pay out I’m looking forward to it At least 200 million taxpayers will file 167 million tax returns in calendar year 2024.

So far in 2024, the IRS leads in total returns received, Burke said.

Typically, people have three years to file and claim a refund before the U.S. Treasury seizes their money, but due to the pandemic, the 2020 refund deadline has been extended to May 17.