$1 Billion Awaits: IRS Calls for Unclaimed Tax Refund Deadline on May 17

IRS Notifies of Upcoming Deadline: Thousands Could Miss Out on Nearly $1 Billion in 2020 Unclaimed Tax Refunds

Commissioner Calls for Quick Action: With the May 17 deadline approaching, Time Is Running Out for Thousands

Thousands of taxpayers might lose out on their overdue money as the IRS alerts them to the almost $1 billion in unclaimed tax refunds from the 2020 tax year that are still pending as the May 17 filing deadline approaches. IRS Commissioner Danny Werfel stresses that people need to move quickly because there isn’t much time left for those who might have forgotten or neglected these refunds. As stated in the article in Smart News, according to IRS authorities, there are about 940,000 persons in the US who have unclaimed refunds, with a typical refund of $932 on average.

$1 Billion Awaits: IRS Calls for Quick Action as the Unclaimed Tax Refund Deadline of May 17 Draws Near
(PHOTO: Axios)

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California Hit Hard: A median potential refund of $835 is awaiting nearly 88,000 taxpayers in 2020

With almost 88,000 Californian taxpayers still awaiting their 2020 return filing, the state seems to be especially hit. In California, the median potential refund is approximately $835, suggesting that residents are due a significant amount overall. State-by-state estimates of the number of people who might be eligible for 2020 income tax refunds have been released by the IRS, underscoring the extent of the problem and the urgency of acting quickly to claim these monies before they are forfeited.

READ ALSO: $1 Billion Refund Deadline: IRS Commissioner Danny Werfel Asks Taxpayers To Take Action Now Until May 17th Deadline To File Refund Claims