HomeFinance NewsPersonal financeLast Chance to Claim $1B Unclaimed IRS Refunds Before Tonight's Deadline!

Last Chance to Claim $1B Unclaimed IRS Refunds Before Tonight’s Deadline!


IRS reminder: Time to claim $1 billion in tax refunds from 2020 expires on May 17


The Internal Revenue Service (IRS) has announced that nearly 940,000 taxpayers are eligible to receive an estimated $1 billion in unclaimed tax refunds from the 2020 tax year.

The deadline to file returns and claim these refunds is rapidly approaching on May 17th.

These unclaimed refunds may include pandemic relief measures, such as the recovery rebate credit, which was intended for those who did not receive stimulus checks.

If eligible taxpayers fail to file their returns by the deadline, they risk losing their refunds permanently, as there is a three-year expiration after the tax deadline.

Accountant John Karls emphasizes the importance of meeting the deadline, as “if you let it slip, there’s nothing anybody can do.”

He explains that 2020 saw numerous tax breaks and credits, including the recovery rebate credit, which could significantly benefit certain filers.

Missing out on these refunds would result in “truly leaving dollars on the table,” warns Karls.

To assist taxpayers who have yet to file their 2020 returns, the IRS offers online tools to simplify the process.

Through their online account, taxpayers can access wage and income transcripts, including Forms W-2, 1098, 1099, and 5498.

This information serves as a “roadmap,” enabling taxpayers to identify any missing forms and reach out to past employers or financial institutions to obtain them.

However, collecting missing forms can be time-consuming, so it’s crucial to initiate the process immediately.

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    “Nearly 940,000 taxpayers have until May 17 to file 2020 returns and claim their refund.”

    “The median possible payment is $932, according to the agency.”


    “The deadline is “terribly important” because there’s a three-year refund expiration after each tax deadline, said certified public accountant John Karls, partner at accounting firm Armanino.”

    “But it may take time to collect the missing forms, so you should start the process as soon as possible, he said.”

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