The IRS might owe you money from years ago, but you only have a couple weeks to claim it

IRS is warning nearly 1 million taxpayersThe federal tax collector said Monday that roughly 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020, which totals more than $1 billion nationwide.The average median refund is $932 for 2020. Texas , California , Florida and New York have the largest amount of people potentially eligible for these refunds.

Taxpayers typically have three years to file and claim tax refunds, otherwise the money becomes the property of the U.S. Treasury. For people who need to file a return, the IRS advises taxpayers to request their W-2, 1098, 1099 or 5498 from their employer or bank — or order a free wage and income transcript using the “Get Transcript Online” tool atGenerally the deadline to claim old refunds falls around the April 15 tax deadline, but this year the three-year window for 2020 unfiled returns was postponed to May 17, because of the COVID-19 pandemic.

Taxpayers should gather the information needed for filing a return with ample time before the deadline, if possible. Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for the years 2019, 2020 or 2021 can request copies from their employer, bank or other payers.Taxpayers who are unable to get those missing forms from their employer or other payers can order a free wage and income transcript at IRS.

with the IRS to request a “wage and income transcript.” A wage and income transcript shows information from returns received by the IRS, such as Forms W-2, 1099, 1098, Form 5498 and IRA contribution information. Taxpayers can use the information from the transcript to file their tax return. This process may take several weeks, so the IRS recommends requesting a transcript early on.

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