IRS: Unclaimed Tax Refunds and Stimulus Payments From 2020 Expire This Month
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The IRS may owe those who didn’t file their 2020 taxes hundreds — even thousands — of dollars, but the deadline to claim that money is fast approaching.
Nearly 1 million taxpayers have yet to submit their 2020 taxes, which were due in May 2021. As a result, the IRS is holding over $1 billion worth of unclaimed refund money with an expiration date of May 17. And that sum excludes refundable tax credits for 2020, such as the earned income tax credit and the recovery rebate credit for those who didn't receive their stimulus checks that year.
In other words, the filing deadline also marks the last chance for folks to claim their 2020 stimulus checks, which total up to $1,800 (and that's before any payments for children).
“There’s money remaining on the table for hundreds of thousands of people who haven’t filed 2020 tax returns,” said IRS Commissioner Danny Werfel in a recent statement. "Taxpayers should start soon to make sure they don’t miss out.”
How much money the IRS may owe you
