This year’s tax season is almost over, and 940,000 individuals still have unclaimed taxes from 2020. Typically, there is a 3-year deadline to claim refunds before the cash becomes the property of the U.S. Treasury, but an extension was granted for 2020 refunds due to the pandemic. The average median refund for 2020 is $932, but this varies by state, with some typical payouts as much as $1,031. According to the IRS, Texans are owed the highest amount of total refunds, with an estimated 93,400 residents owed $107,130,200 in rebates. Pennsylvania residents are due the highest average payout at $1,031, with the state sitting on $43,412,900 in unclaimed cash. Most refunds are simply overlooked, with people like students and part-time workers not realizing they’re owed a refund. The window to claim a refund owed to you for the 2020 tax year closes on May 17, 2024, so there’s still plenty of time to submit your claim.
