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Unclaimed tax refunds: Nearly 1 million people have unclaimed refunds from 2020

  • / Updated:
  • Staff Report 

The Internal Revenue Service (IRS) has announced that approximately 940,000 Americans have unclaimed tax refunds from the year 2020, amounting to over $1 billion. Taxpayers have a limited time until May 17 to claim these refunds by submitting their tax returns for that year. The average median refund stands at $932, with the highest numbers of unclaimed refunds in states like Texas, California, Florida, and New York.


IRS Commissioner Danny Werfel emphasized the importance of claiming these refunds before the deadline, urging taxpayers to act promptly to avoid missing out. He highlighted the IRS’s desire for individuals to secure their rightful refunds, particularly as the clock ticks towards the May 17 cutoff. Taxpayers are advised to gather necessary documents, such as W-2 or 1099 forms, to facilitate their filings.

The unclaimed funds will revert to the U.S. Treasury if not claimed within the three-year window, which was extended this year due to the COVID-19 pandemic. The IRS’s reminder comes at a critical time when many could benefit from the extra funds, with the agency encouraging individuals to review their records and file as soon as possible to secure their refunds.



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