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11mo ago

Deadline Approaches to Claim Over $1 Billion in Unclaimed IRS Refunds

Approximately 1 million Americans have until May 17 to file 2020 tax returns and claim refunds, or the funds will revert to the U.S. Treasury.

Overview

  • The IRS estimates over $1 billion in unclaimed refunds from 2020 tax returns.
  • Around 1 million people did not file their 2020 tax returns and may be eligible for refunds.
  • The median refund amount is $932, with some states having higher averages.
  • Taxpayers may also claim additional credits such as the Earned Income Tax Credit and Recovery Rebate Credit.
  • Unclaimed refunds will become the property of the U.S. Treasury if not claimed by the deadline.