Deadline Approaches to Claim Over $1 Billion in Unclaimed IRS Refunds

Approximately 1 million Americans have until May 17 to file 2020 tax returns and claim refunds, or the funds will revert to the U.S. Treasury.

The IRS estimates over $1 billion in unclaimed refunds from 2020 tax returns.
Around 1 million people did not file their 2020 tax returns and may be eligible for refunds.
The median refund amount is $932, with some states having higher averages.
Taxpayers may also claim additional credits such as the Earned Income Tax Credit and Recovery Rebate Credit.
Unclaimed refunds will become the property of the U.S. Treasury if not claimed by the deadline.