Time’s Ticking: Over $1Billion in Unclaimed Tax Refunds Await Americans!

Over $1 billion in unclaimed tax refunds remains, with time ticking for Americans. The Internal Revenue Service (IRS) announced on Monday that nearly 940,000 individuals in the U.S. are required to file tax returns for the 2020 tax year by May 17.

IRS Commissioner Danny Werfel emphasized the importance of filing, stating, "There are still funds available for hundreds of thousands of individuals who have not yet filed their 2020 tax returns. We urge taxpayers to claim these refunds, but the window of opportunity is closing for those who may have overlooked or forgotten about them." The IRS is advising taxpayers to gather necessary documents such as W-2, 1098, 1099, or 5498 forms from their employers or banks before the deadline. Alternatively, they can utilize the "Get Transcript Online" tool to order a free wage and income transcript.

Furthermore, the IRS clarified that individuals who have not filed returns for 2021 and 2022 will not be eligible to receive any 2020 refunds, a measure aimed at ensuring they do not owe money.

To read more, please click here for USA Today’s article.