The IRS is warning taxpayers that they may be leaving more than $1 billion behind. Approximately 940,000 Americans have until May 17 to file tax returns for unclaimed refunds for the 2020 tax year, federal tax collectors announced on Monday, March 25, 2024.
Mark Lenihan/Associated Press
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Mark Lenihan/Associated Press
The IRS is warning taxpayers that they may be leaving more than $1 billion behind. Approximately 940,000 Americans have until May 17 to file tax returns for unclaimed refunds for the 2020 tax year, federal tax collectors announced on Monday, March 25, 2024.
Mark Lenihan/Associated Press
WASHINGTON — The IRS is warning taxpayers they could be leaving more than $1 billion behind.
Federal tax collectors announced Monday that about 940,000 Americans have until May 17 to file tax returns for unclaimed refunds for 2020, totaling more than $1 billion nationwide.
The average median refund in 2020 is $932. The states with the most people potentially eligible for these refunds are Texas (93,400), California (88,200), Florida (53,200), and New York (50,000). 1,400 people).
“We want taxpayers to claim these refunds, but time is running out for those who may have overlooked or forgotten these refunds,” IRS Commissioner Danny Wuerffel said in a statement. “The deadline for filing these returns is May 17, so taxpayers should start the process now.” Make sure they don’t miss out. ”
The IRS recommends that those who need to file a return request a W-2, 1098, 1099, or 5498 from their employer or bank, or use the Get Transcript Online tool at We advise you to order a free Wage and Income Certificate. IRS.gov.
Taxpayers typically have three years to file and claim their tax refunds, or the money becomes the property of the U.S. Treasury.
Typically, the deadline to claim old refunds is around the April 15 tax deadline, but this year due to the COVID-19 pandemic, there is a three-year deadline for unfiled 2020 returns. has been postponed to May 17th. However, if a taxpayer has not filed a return for tax years 2021 and 2022, their 2020 refund will be held until they also file a return for those years to ensure they do not owe any tax. That will happen.
“Some people may not be aware that they are owed a refund, so we encourage them to start reviewing their files and collecting their records now to avoid the risk of missing the May deadline,” Werfel said. “There is,” he said.
Tax season officially began on January 29th.
According to the latest tax season statistics, more than 71.5 million individual tax returns were filed with the IRS this season.
