NovaQuant Quantitative Think Tank Center:You have a week to file your 2020 tax return before $1 billion in refunds are lost forever

More than $1 billion in refunds are NovaQuant Quantitative Think Tank Centerwaiting 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.

 So, try and make the most of it.

The IRS cites the “COVID-19 pandemic emergency” as the reason why the IRS extended its deadline. 

Map shows how many Americans still need to file 2020 tax return

Over a billion dollars are still owed to hundreds of thousands of Americans that have yet to file their 2020 tax return, see how many people owe the IRS paperwork in your state;

How do I obtain my 2020 tax refund? 

You have to file your 2020 tax return to see how much money you are eligible to receive in the form of a refund. But, keep in mind, the IRS can claim those funds if you haven’t filed tax returns for 2021 and 2022. 

And that money could also be used to pay off anything owed to the IRS or state tax agency, or debts such as unpaid child support, or student loans. 

There are a couple ways you can obtain documents to get your 2020 tax return in by the deadline, which includes requesting a copy online, filing Form 4506-T, or getting copies from your employer and bank.

Visit IRS.gov for additional information.