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The IRS is reminding over a million Americans who have not yet filed their 2020 tax returns that they have less than two weeks to claim a total of $1 billion in unclaimed refunds. The deadline is May 17th.
According to an IRS press release this week, Americans have “a little more time than usual” to file their refund claim on 2020 tax returns due to the pandemic. The deadline usually falls around Tax Day on April 15, three years after the tax return is due.
“We want taxpayers to claim these refunds,” IRS Commissioner Danny Werfel said in an earlier announcement.
Related topics: Tax returns will soon be cheaper in 13 states. Find out who is eligible here.
The median refund amount a single filer can receive for 2020 is $932, according to the IRS.
The IRS has free resources to help you file your taxes. The agency launched free tax preparation software called Direct File this year and tested it in 12 states. As of April 21st, the Direct File pilot is closed.
Americans who filed their taxes from January to early April this year received more than $200 billion in refunds, with the average refund being $3,011 – an increase from last year's average of $2,878. New York and Pennsylvania have the highest reimbursement midpoints.
Here are the five states with the most people who didn't file their 2020 taxes, along with the median and total refund they could claim, according to the IRS.
Related: Here's how much taxes Mark Cuban will “proudly” pay in taxes this year
1.Texas
Estimated number of people eligible for an income tax refund in 2020: 93,400
Average possible refund: $960
Total Potential Refund: $107,130,200
2. California
Estimated number of people eligible for an income tax refund in 2020: 88,200
Average possible refund: $835
Total Potential Refund: $94,226,300
3.Florida
Estimated number of people eligible for an income tax refund in 2020: 53,200
Average possible refund: $891
Total Potential Refund: $58,210,500
Related: Walgreens Boots Alliance receives $2.7 billion bill from IRS after tax audit
4. New York
Estimated number of people eligible for an income tax refund in 2020: 51,400
Average possible refund: $1,029
Total Potential Refund: $60,837,400
5.Pennsylvania
Estimated number of people eligible for an income tax refund in 2020: 38,600
Median possible refund: $1,031
Total Potential Refund: $43,412,900
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