Contributing Factors to Unclaimed Tax Refunds
According to the New York Post, many New Yorkers haven’t claimed their unclaimed tax refunds from 2020 totaling $60.8 million. That’s about $1,029 per person for 51,400 residents who didn’t file their taxes. Across the country, almost a million people missed out on $1 billion in unclaimed tax refunds for the same year. This isn’t new, back in 2019 81,600 New Yorkers didn’t claim $86.8 million in refunds which is why there are a lot of unclaimed tax refunds.
New York comes third in the country for unclaimed tax refunds after Texas and California. The pandemic made things harder for many Americans, which might explain why they didn’t file their taxes. Even though the IRS gave more time to file taxes until May 17 because of the pandemic lots of Americans still didn’t claim their refunds. In 2024, the IRS expects around 167 million tax returns from about 200 million taxpayers. The unclaimed tax refunds are just a small part of what the IRS expects to handle. Americans need to file their taxes on time and claim the money they’re owed to help their finances.
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$60 Million in Unclaimed Tax Refunds of 2020 in New York: A Reminder for Timely Filing and Financial Stability! (PHOTO: Spectrum News)
A Missed Opportunity for Financial Relief
Furthermore, experts say that not getting these unclaimed tax refunds means Americans are missing out on a chance to make their finances better, especially during tough times like the pandemic. Each person in New York could get more than $1,000 on average which could really help with money problems. By making sure to file taxes on time and claim the unclaimed tax refunds, Americans can take control of their finances and have more money to deal with unexpected expenses or save for the future.
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