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The IRS unclaimed refunds amount is pushing the IRS to remind taxpayers to claim them.
The IRS is reminding everyone to file their taxes before the deadline. (Photo: Taxes for expats)
IRS Unclaimed Refunds From 2020
During the COVID-19 pandemic, the IRS extended the deadline for filing tax returns to May 17, 2024, for the tax year 2020.
According to a published article by SmartNews, there are over $1 billion in IRS unclaimed refunds from that year, with the median refund amount estimated to be $932.
The IRS is urging eligible individuals who haven’t filed their 2020 tax returns to do so before the deadline to claim their money from the IRS unclaimed refunds.
Low- and moderate-income workers can get the Earned Income Tax Credit. Not filing tax returns for 2021 and 2022 could delay getting 2020 tax refunds.
A Reminder Regarding The IRS Unclaimed Refunds
In a published article by the Washington Post, the IRS is urging taxpayers to promptly claim their money from the IRS unclaimed refunds once the filing season begins.
By March 15, the average refund had increased by 6% to $3,109 compared to last year. Approximately 940,000 individuals are owed a total of $1 billion in IRS unclaimed refunds for the 2020 tax year.
The average IRS unclaimed refunds are at an amount of $932, with certain states having a median exceeding $1,000. Additionally, the IRS is also advising individuals to verify if they qualify for the 2020 pandemic-related recovery rebate credit.
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