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IRS Urges Taxpayers to Claim Over $1 Billion in Unclaimed 2020 Refunds Before May Deadline

With the May 17 deadline approaching, taxpayers are encouraged to file their 2020 returns and explore state tax credits to maximize refunds.

2023 IRS tax forms
IRS
IRS 1040 Individual Income Tax forms.
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Overview

  • Over $1 billion in unclaimed 2020 tax refunds are available, with a deadline to claim by May 17, 2024.
  • State tax credits offer additional opportunities for savings, with credits varying by state.
  • IRS emphasizes the importance of filing 2020 returns to claim refunds, especially for those affected by the pandemic.
  • Low- and moderate-income workers may be eligible for significant credits, such as the Earned Income Tax Credit.
  • Free tax preparation and filing services are available to help taxpayers claim their refunds.