Some New Yorkers Are Owed Their Share of $61 Million, Are You One of Them?

The Internal Revenue Service (IRS) is holding more than 1 billion dollars and part of this money could be yours. Approximately 940,000 people across the United States have unclaimed refunds for tax year 2020. If you are owed you can still collect but time is running out.

More than 51,000 New Yorkers are owed a refund from 2020 and the IRS estimates the average amount per filer is $1,000. That is nearly $61 million owed to residents of New York State but you only have until May 17, 2024 to submit your tax returns.

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According to a press release, under the law, taxpayers usually have three years to file and claim their tax refunds. If they don’t file within three years, the money becomes the property of the U.S. Treasury.

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

If you have not filed your 2020 tax return here are some tips on how to get started. Remember, you have until May 17th to file.

• Request copies of key documents: Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for the years, 2020, 2021 or 2022 can request copies from their employer, bank or other payers.
• Use Get Transcript Online at IRS.gov. Taxpayers who are unable to get those missing forms from their employer or other payers can order a free wage and income transcript HERE.