The IRS is warning taxpayers that time is almost up to submit tax returns for unclaimed refunds from 2020.
Some 940,000 people have yet to claim their refunds.
Taxpayers have until May 17 to submit tax returns for unclaimed refunds for the 2020 tax year, as reported by the Associated Press.
“We want taxpayers to claim these refunds, but time is running out for people who may have overlooked or forgotten about these refunds. There’s a May 17 deadline to file these returns so taxpayers should start soon to make sure they don’t miss out,” Danny Werfel, IRS commissioner, said in a statement, as reported by the AP.
Taxpayers typically have three years to file and claim tax refunds before the money becomes the property of the U.S. Treasury.
The three-year window for 2020 was postponed to May 17 rather than the typical April 15 deadline due to the COVID-19 pandemic. Those who have yet to file a return for the 2021 and 2022 tax years will have their 2020 refund withheld until they file for those years as well.
“Some people may not realize they may be owed a refund. We encourage people to review their files and start gathering records now, so they don’t run the risk of missing the May deadline.,” Werfel said, per the AP.
According to the IRS, the average refund amount is up by 6% from the 2023 tax year to 2024. In 2023, the average refund amount was $2,933 dollars, compared to 2024, with an average of $3,109.
For people who need to file a return, the IRS advises taxpayers to request their W-2, 1098, 1099, or 5498 from their employer or bank — or order a free wage and income transcript using the “Get Transcript Online” tool at IRS.gov.
The 2024 tax season kicked off on January 29, and the agency anticipates over 128.7 million returns to be filed before April 15, as previously reported by The Dallas Express.
