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11mo ago

IRS Issues Urgent Call to Claim $1 Billion in Unclaimed 2020 Tax Refunds

With the May 17 deadline looming, nearly a million Americans risk losing out on substantial tax refunds from 2020.

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Several piggy banks sit on stock room shelves at Hadley Pottery in Louisville, Kentucky on April 1, 2022.
Tax rebate stock image

Overview

  • Nearly 940,000 taxpayers have until May 17 to file their 2020 tax returns and claim refunds, with the median refund estimated at $932.
  • Eligible taxpayers could also claim the Earned Income Tax Credit and COVID-era Recovery Rebate Credit, potentially increasing their total refund.
  • The IRS has extended tools and assistance to help taxpayers retrieve necessary documents and file their returns on time.
  • Unclaimed funds will revert to the U.S. Treasury if not claimed by the deadline, emphasizing the urgency of meeting the filing requirement.
  • Taxpayers in California and Texas are among those with the highest amounts of unclaimed refunds, highlighting regional impacts of the unclaimed funds.