2020 tax returns with $1 billion in refunds could vanish by May 17

More than $1 billion in refunds are waiting to be claimed, but you only have a week to do so, the IRS says. 

There are almost 940,000 people across the country, who have yet to file their 2020 taxes – as well as claim a refund for that tax year.  

Danny Werfel, IRS Commissioner said in March that there’s plenty of money left on the table, but “time is running out for people who may have overlooked or forgotten about these refunds.”

The median refund amount from the remaining 2020 taxes is likely around $932, according to the IRS, so half of the total refunds are more than $932 and half of the total refunds are less

Here’s what we know, including the official deadline for claiming and how to do it. 

How much time do I have to file my 2020 tax return?

You have about a week to file your taxes for the corresponding tax year to be eligible to receive your refund.  The official deadline to submit your tax return is Friday, May 17, according to the IRS. 

An extended deadline like this one doesn’t usually come around very often, since taxpayers typically have three years to file and claim their tax refunds before the money becomes the property of the U.S. Treasury.