Over $1 Billion in Unclaimed IRS Refunds Await Taxpayers
Millions of Taxpayers Urged to Claim Over $1 Billion in Unclaimed IRS Refunds Before Deadline
Over $1 billion in unclaimed refunds are held by the IRS, awaiting the approximately 940,000 taxpayers who failed to claim them in 2020. People are urged to move quickly to recover their money before it becomes U.S. Treasury property, as the May 17 deadline draws near. The states with the highest number of eligible beneficiaries are Texas, California, Florida, and New York, with an average unclaimed return of approximately $932.
$1K Tax Refund from 2020 with IRS Assistance- Check It Now! (PHOTO: US Expat Tax Service)
Steps to Claim Your 2020 Tax Refund Before Time Runs Out
In order to file for a 2020 tax refund, taxpayers should begin obtaining the required paperwork from banks and employers. If any information is still lacking, they can use IRS.gov’s Get Transcript Online Tool. An alternative is to submit Form 4506-T to the IRS in order to get a wage and income transcript; however, this process could take several weeks. There is little more than a month remaining, so people need to move quickly to make sure they don’t lose out on their legitimate returns.
