The IRS could have money that is rightfully yours, which would be fantastic news, wouldn't it? Recently, they revealed that nearly a million individuals, including more than 30,000 in Minnesota, Wisconsin, and Iowa, have refunds waiting for them from the year 2020.

However, the deadline to claim this money is coming soon. It’s a lot of money too, the IRS estimates that over a billion dollars in refunds remain unclaimed. Individuals who qualify for these funds are urged to begin the claim process today. Find out how to do that below.

IRS Commissioner Danny Werfel said, “There’s money remaining on the table for hundreds of thousands of people who haven’t filed 2020 tax returns."

He also emphasized the urgency, "We want taxpayers to claim these refunds, but time is running out for people who may have overlooked or forgotten about these refunds. There’s a May 17 deadline to file these returns so taxpayers should start soon to make sure they don’t miss out.”

What Happens to The Money If It Isn’t Claimed?

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According to the law, taxpayers typically have a three-year window to file and claim their tax refunds. Failure to do so within this timeframe results in the funds becoming the property of the U.S. Treasury.

Werfel said, “People faced extremely unusual situations during the pandemic, which may have led some people to forget about a potential refund on their 2020 tax returns.”

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He advised individuals to review their documents and begin collecting records promptly to avoid the possibility of missing the May deadline.

A standard return isn’t the only thing people are missing out on. Those who qualified for the Earned Income Tax Credit in 2020 could get as much as $6,660.

Who Is Eligible?

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If you didn't file a return in 2020 you might be eligible for this money. Begin by filing a return for the 2020 tax year. However, the IRS has warned that your refund could be delayed if you haven't filed returns for 2021 and 2022.

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