This week, the IRS announced that nearly 940,000 individuals nationwide have unclaimed tax refunds for the 2020 tax year, with a looming deadline of May 17 for submitting their tax returns. Estimated at over $1 billion, the average median refund for 2020 stands at $932. IRS Commissioner Danny Werfel stressed the urgency, urging taxpayers not to overlook these refunds, especially given the extended deadline due to the COVID-19 pandemic emergency. Typically, taxpayers have three years to claim their refunds before the funds revert to the U.S. Treasury. However, the deadline for 2020 returns was postponed to May 17, 2024. The IRS warns that failing to file a return not only results in the loss of the refund but also potential eligibility for credits like the Earned Income Tax Credit (EITC).

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