IRS Warning on Unclaimed Tax Refunds for 2020

SOURCE www.foxnews.com
IRS warns taxpayers of unclaimed refunds totaling over $1 billion for tax year 2020, with a deadline of May 17 to submit returns. Taxpayers typically have three years to claim refunds, and the IRS advises gathering necessary documents to avoid missing the deadline.

Key Points

  • IRS warns taxpayers of unclaimed refunds totaling over $1 billion for tax year 2020.
  • Taxpayers have until May 17 to submit returns for unclaimed refunds.
  • Tax season began on January 29 and taxpayers typically have three years to claim refunds.

Pros

  • Taxpayers have an opportunity to claim unclaimed refunds for the tax year 2020.
  • IRS is providing guidance on how to submit returns and claim refunds.
  • The average median refund is $932, potentially benefiting a large number of people.

Cons

  • Failure to submit returns by the May 17 deadline may result in forfeiting the refunds to the U.S. Treasury.