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IRS Urges Nearly 940,000 to Claim Over $1 Billion in 2020 Tax Refunds – Deadlines and Averages by State

(photo: Larson Accounting Group)

The IRS is urging nearly 940,000 non-filers to claim over $1 billion in unclaimed 2020 tax refunds by Friday.

IRS Urges 940,000 Non-Filers to Claim Over $1 Billion in 2020 Tax Refunds

The IRS has reminded nearly 940,000 people who didn’t file their 2020 tax returns that they could be eligible for refunds. Over $1 billion in unclaimed refunds is available, affecting almost 1 million people nationwide. Residents in Washington, D.C., Maryland, and Virginia should note the filing deadline is Friday.

In Washington, D.C., about 2,900 residents could receive refunds, some up to $968. In Maryland, around 22,000 people might get an average refund of $991. Virginia has about 25,900 eligible residents with an average refund of $914. These funds could greatly benefit many people, according to the report of Washington Examiner.

READ ALSO: 5 New Tax Laws: $3,200 Per Child And Property Tax Reductions To Save Money – What Coloradans Need To Know!

(photo: KTLA)

Non-Filers to Claim Over $1 Billion in 2020 Tax Refunds by Friday Deadline

The IRS states there’s no penalty for not filing if a refund is due, but returns must be filed within three years of the deadline. Due to the COVID-19 extension the deadline for 2020 returns is this Friday. The IRS urges eligible individuals to file promptly.

Some people might also get extra refunds from pandemic-related programs like the COVID-era Recovery Rebate Credit, for those who didn’t receive full stimulus payments in 2020 and 2021. This could increase the refunds owed.

Other states also have millions in unclaimed refunds. The IRS’s reminder urges eligible taxpayers to file their 2020 returns by Friday to claim their refunds

READ ALSO: Millions At Stake: Urgent Call To Claim Over $1 Billion In Unclaimed Tax Refunds Before Deadline

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