The IRS said on March 25, 2024, that roughly 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed refunds for the tax year 2020 totaling to more than $1 billion. (AP Photo/Mark Lennihan, File)
Taxpayers typically have three years to file and claim tax refunds, otherwise the money becomes the property of the U.S. Treasury.
Generally the deadline to claim old refunds falls around the April 15 tax deadline, but this year the three-year window for 2020 unfiled returns was postponed to May 17, because of the COVID-19 pandemic. But if taxpayers haven't filed a return for tax year 2021 and 2022, any 2020 refunds would be withheld until they file for those years as well to make sure they don't owe.
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Werfel said "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."
Tax season officially began on January 29.
According to the latest tax season statistics, more than 71.5 million individual tax filings have been submitted to the IRS this season.
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https://www.foxnews.com/politics/irs-says-940000-people-not-claimed-expiring-2020-tax-refunds-totaling-over-1b