More than $1 billion in tax refunds owed to people in the United States might not reach them if they don’t claim it by May 17. This includes many New Yorkers.
The head of the Internal Revenue Service, Danny Werfel, said that many people haven’t filed their tax returns for 2020 yet. He wants them to do so before it’s too late.
Usually, taxpayers have three years to get their refunds. But because of the Covid-19 pandemic, the time to claim refunds for 2020 was extended.
In New York alone, more than 51,000 people still haven’t collected their refunds. This adds up to almost $61 million.
Only Texas, California, and Florida have more people who are at risk of losing out on their refunds.
More than $1 billion in tax refunds might not reach them if they don’t claim it by May 17
On average, each person who hasn’t collected their refund yet is owed $932. But in New York, it’s over $1,000.
Werfel says that many people might have forgotten about their refunds because 2020 was a strange year. If you’re not sure about your 2020 tax status, you can check online at irs.gov.
Some of the money waiting to be claimed isn’t just from regular taxes. Some people might also be eligible for an Earned Income Tax Credit.
But the IRS warns that if people didn’t file their tax returns for 2021 and 2022, they might not get their 2020 refund.
