UNITED STATES

Unclaimed tax refunds from 2020 are about to expire. Is one of them yours?

Mar 25, 2024, 4:56 PM | Updated: Mar 26, 2024, 11:45 am

The federal tax collector said Monday that roughly 940,000 people in the U.S. have until May 17 to ...

The federal tax collector said Monday that roughly 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020. (Canva)

(Canva)

WASHINGTON (AP) — The IRS is warning taxpayers that they may be leaving more than $1 billion on the table in unclaimed tax refunds from 2020.

The federal tax collector said Monday that roughly 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed tax refunds from 2020, which total more than $1 billion nationwide.

The average median refund is $932 for 2020. Texas (93,400), California (88,200), Florida (53,200) and New York (51,400) have the largest amount of people potentially eligible for these refunds.

Related: Lawmakers pass two bills that could give people big tax breaks

IRS Commissioner Danny Werfel said in a statement: “We want taxpayers to claim these refunds, but time is running out for people who may have overlooked or forgotten about these refunds. There’s a May 17 deadline to file these returns so taxpayers should start soon to make sure they don’t miss out.”

For people who need to file a return, the IRS advises taxpayers to request their W-2, 1098, 1099 or 5498 from their employer or bank — or order a free wage and income transcript using the “Get Transcript Online” tool at IRS.gov.

Taxpayers typically have three years to file and claim tax refunds, otherwise the money becomes the property of the U.S. Treasury.

Generally the deadline to claim old refunds falls around the April 15 tax deadline, but this year the three-year window for 2020 unfiled returns was postponed to May 17, because of the COVID-19 pandemic. But if taxpayers haven’t filed a return for tax year 2021 and 2022, any 2020 refunds would be withheld until they file for those years as well to make sure they don’t owe.

Werfel said “some people may not realize they may be owed a refund. We encourage people to review their files and start gathering records now, so they don’t run the risk of missing the May deadline.”
Tax season officially began on January 29.

According to the latest tax season statistics, more than 71.5 million individual tax filings have been submitted to the IRS this season.
___
See all of the AP’s tax season coverage at https://apnews.com/hub/personal-finance.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

United States

A TikTok content creator, sits outside the U.S. Capitol, Tuesday, April 23, 2024....

HALELUYA HADERO AP Business Writer

Senate passes bill forcing TikTok parent company to sell or face ban, sends to Biden for signature

The Senate passed legislation that would force the parent company of TikTok to sell the social media platform under the threat of a ban.

10 hours ago

Columbia University students participate in an ongoing pro-Palestinian encampment on their campus f...

NICK PERRY and KAREN MATTHEWS Associated Press

Students at Columbia and nationwide are upping Gaza war protests

Students across the nation set up encampments, occupied buildings and ignored demands to leave Tuesday.

14 hours ago

The Chicago Bears logo is pictured on a flag prior to an NFL football game...

Associated Press

Chicago Bears schedule a Wednesday announcement on new stadium near lakefront

The team said last month it was prepared to provide more than $2 billion in funding toward a publicly owned stadium in the city.

1 day ago

Homelessness advocates in front of Supreme Court...

LINDSAY WHITEHURST and CLAIRE RUSH Associated Press

With homelessness on the rise, the Supreme Court weighs bans on sleeping outdoors

It's the most significant case in the Supreme Court in decades on homelessness and comes as record numbers of people are without a permanent place to live.

1 day ago

Volunteers gather at Pedal and Pick at Jordan Park in Salt Lake City to celebrate earth day...

Mariah Maynes

How did April 22 become Earth Day?

20 million Americans took part in the first Earth Day in 1970. Nowadays, the event is a global affair.

2 days ago

An assortment of vegan, organic, locally sourced, and wild caught food products all using plastic p...

Associated Press

How one grocery shopper takes steps to avoid ‘pointless plastic’

Nature wraps bananas and oranges in peels. But in some modern supermarkets, they're bagged or wrapped in plastic too. For one shopper, it's too much.

2 days ago

Sponsored Articles

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.

...

Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

Unclaimed tax refunds from 2020 are about to expire. Is one of them yours?