Time is Running Out to Claim $1 Billion in Unclaimed Tax Refunds

TLDRThe IRS has announced that taxpayers in the US have until May 17, 2024, to claim unclaimed tax refunds for the year 2020, estimated to be around $1 billion. After this deadline, the money becomes the property of the treasury. Refunds are mainly driven by federal withholding tax and tax credits, including the earned income tax credit and child tax credit. States like California and Texas have significant amounts of unclaimed refunds. Individuals are urged to file their 2020 tax return before the deadline to avoid losing out on their money.

Key insights

💰Taxpayers in the US have unclaimed tax refunds for the year 2020 totaling around $1 billion.

📅The deadline to claim the unclaimed tax refunds is May 17, 2024.

💸Unclaimed tax refunds are mainly driven by federal withholding tax and tax credits, such as the earned income tax credit and child tax credit.

🌎On a state-by-state basis, California and Texas have significant amounts of unclaimed tax refunds.

📝Taxpayers need to file their 2020 tax return before the deadline to avoid losing out on their money.

Q&A

What is the deadline to claim unclaimed tax refunds?

—Taxpayers have until May 17, 2024, to claim unclaimed tax refunds for the year 2020.

What are the main reasons for unclaimed tax refunds?

—Unclaimed tax refunds are mainly due to federal withholding tax and tax credits, such as the earned income tax credit and child tax credit.

Which states have significant amounts of unclaimed tax refunds?

—California and Texas are among the states with significant amounts of unclaimed tax refunds.

What happens if I don't file my 2020 tax return before the deadline?

—If you don't file your 2020 tax return before the deadline, the unclaimed tax refunds become the property of the treasury.

How can I claim my unclaimed tax refund?

—To claim your unclaimed tax refund, you need to file your 2020 tax return before the May 17, 2024 deadline.

Timestamped Summary

00:01The IRS has released an important news release regarding unclaimed tax refunds.

00:06Taxpayers in the US have until May 17, 2024, to claim unclaimed tax refunds for the year 2020, estimated to be around $1 billion.

00:17Around 940,000 people in the US have unclaimed tax refunds for the year 2020.

00:51The deadline to claim unclaimed tax refunds for the year 2020 is May 17, 2024.

01:00The total unclaimed tax refunds for the year 2020 is estimated to be around $1 billion.

01:10Taxpayers usually have about 3 years to file and claim tax refunds.

01:33Unclaimed tax refunds are mainly driven by federal withholding tax and tax credits.

02:35Individuals need to file their 2020 tax return before May 17, 2024, to claim their unclaimed tax refunds.

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