$1 Billion in 2020 Unclaimed Tax Refunds: IRS Urges Prompt Filing by May 17 Deadline, Including $61 Million for New York Residents

The IRS is urging taxpayers nationwide to claim their unclaimed refunds totaling $1 billion for the 2020 tax year before the May 17 deadline emphasizing no penalties for late filing if no taxes are owed.

IRS Urges Taxpayers Nationwide to Claim $1 Billion in Unclaimed Refunds for 2020 Tax Year

The IRS urges taxpayers nationwide to promptly claim their refunds for the 2020 tax year. About 1 million individuals have not filed their returns yet, totaling $1 billion in unclaimed refunds. New York residents account for nearly $61 million of these funds. The IRS clarifies that there are no penalties for late filing if no money is owed. The deadline for claiming refunds is May 17, according to the report of PIX 11.

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(photo: NPR)

$1 Billion in Unclaimed Tax Refunds for 2020, Urges Prompt Filing by May 17 Deadline

The IRS stresses the importance of filing taxes to receive refunds. Roughly 1 million taxpayers haven’t filed for 2020, totaling $1 billion in unclaimed funds. New York residents represent $61 million of this amount. The IRS emphasizes that there are no penalties for late filing if no taxes are owed. The deadline for claiming refunds is May 17.

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