Over 51,000 NYC Residents Risk Losing $61M in Unclaimed Tax Refunds – Don’t Miss Out!

IRS Urges Prompt Action as Over $1 Billion in Unclaimed Tax Refunds at Risk

IRS Urges Nearly 1 Million Taxpayers to Claim Over $1 Billion in 2020 Unclaimed Tax Refunds

About 940,000 people who are entitled refunds for their 2020 tax returns are urged to come forward by the Internal Revenue Service (IRS) as more than $1 billion that is promised to American taxpayers may disappear if it is not claimed by May 17. While the IRS encourages taxpayers to claim their refunds, Commissioner Danny Werfel highlights the urgency noting that time is running out for individuals who may have missed or forgotten about them. The normal three-year window for refund collection has been extended for 2020 returns due to COVID-19 pandemic-related delays.

READ ALSO: Earned Income Tax Credit To Boost Your Finances – Check Your Eligibility!

Over 51,000 NYC Residents Risk Losing $61M in Unclaimed Tax Refunds – Don’t Miss Out! (PHOTO: Yahoo)

New York Leads in Unclaimed Tax Refunds as IRS Warns of Potential Loss

Out of all the states, New York has the highest percentage of taxpayers who have not yet claimed their refunds—more than 51,000 people owe over $61 million in total. In the United States, the average unclaimed refund is $932; in New York, it is more than $1,000. Not all of the unclaimed money comes from wage deductions; certain workers with lesser incomes can also be qualified for an Earned Income Tax Credit. But it’s important to remember that, as the IRS pointed out, people who were hoping for a 2020 refund might not get one if they neglected to pay their taxes for 2021 and 2022.

READ ALSO: Approved Housing Bill By The Senate Finance Committee Announced To Qualify Renters For A Tax Credit