IRS: $1 billion in unclaimed tax refunds, due in May


The IRS is remembering over a million Americans who have yet to file their 2020 tax returns have less than two weeks left to claim a total of $1 billion in unclaimed refunds. The deadline is May 17.

According to an IRS news release this week, Americans have “a little more time than usual” to file their 2020 tax refund claims due to the pandemic. The deadline usually falls around tax day on April 15, three years after the return is due.

“We want taxpayers to claim these refunds,” IRS Commissioner Danny Werfel said in a statement earlier announcement.

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The midpoint refund amount an individual filer can receive for 2020 is $932, per the IRS.

The IRS has free resources available to help with the tax filing process. Agency presented a free tax preparation software this year called Direct File and piloted that in 12 states. As of April 21st, the live file pilot is closed.

Americans who filed their taxes this year between January and early April received more than 200 billion dollars in refunds, where the average refund is $3,011 – up from an average of $2,878 last year. New York and Pennsylvania have the highest mid-reimbursement scores.

Here are the top five states with the most people who haven't filed their 2020 tax returns, along with the midpoint and total refunds they can claim, according to the IRS.

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1. Texas

The estimated number of people who should receive an income tax refund for 2020: 93,400

Average possible refund: 960 dollars

Total possible refund: $107,130,200

2. California

The estimated number of people who should receive an income tax refund for 2020: 88200

Average possible refund: 835 dollars

Total possible refund: $94,226,300

3. Florida

The estimated number of people who should receive an income tax refund for 2020: 53200

Average possible refund: 891 dollars

Total possible refund: $58,210,500

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4. New York

The estimated number of people who should receive an income tax refund for 2020: 51,400

Average possible refund: 1029 dollars

Total possible refund: 60 837 400 dollars

5. Pennsylvania

The estimated number of people who should receive an income tax refund for 2020: 38600

Average possible refund: 1031 dollars

Total possible refund: $43,412,900



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