IRS Urges Taxpayers To Claim IRS Urges Taxpayers To Claim Top News Billion In Unclaimed Refunds Billion In Unclaimed Refunds

A sign outside the Internal Revenue Service building is seen, May 4, 2021, in Washington. The IRS is warning taxpayers that they may be leaving more than $1 billion on the table. The federal ta

The Internal Revenue Service (IRS) has issued a cautionary alert to taxpayers across the United States, indicating that more than $1 billion in unclaimed refunds may be at stake. Approximately 940,000 individuals have until May 17 to file tax returns for the 2020 tax year, with the total unclaimed refunds exceeding $1 billion nationwide.

The average median refund for the 2020 tax year stands at $932. States with the highest number of potentially eligible individuals for these refunds include Texas (93,400), California (88,200), Florida (53,200), and New York (51,400).