Almost 1 million Americans are owed $1 billion in IRS tax refunds – but there are just two weeks left for you to claim

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IRS typically allows a three year deadline to claim tax refunds
More than $1 billion is not claimed from 2020 – an average of $932

The deadline for 2020 is May 17, after it was extended a month, as it feared many have forgotten about refunds owed from Covid

Around 900,000 Americans are missing out on valuable funds as they have yet to claim their 2020 tax refund.

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Taxpayers have until May 17 to file to recoup more than $1 billion in unclaimed refunds, the Internal Revenue Service announced.

Typically there is a three year deadline to claim refunds before the cash becomes property of the US Treasury.

In previous years, the normal filing deadline to claim old refunds has fallen around the same time as the federal tax deadline, which was April 15 this year for 2023 returns. But an extension was granted for 2020 refunds due to the Covid-19 pandemic.

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The average median refund for 2020 is $932, according to the IRS, but this varies by state, with some typical payouts as much as $1,031.

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