IRS says $1.5 billion in tax refunds remain unclaimed. Here's what to know.
CBSN
The IRS is eager to track down 1.5 million Americans who are owed a combined $1.5 billion in tax refunds, and the clock is ticking — they only have until July 17 to claim their money.
The unclaimed refunds stem from taxpayers who didn't file a federal return for tax year 2019. Taxes for that year were due to be filed in 2020 — the first year of the pandemic, when the IRS extended the tax filing deadline to July 15, 2020, because of the health emergency.
While most Americans file annual tax returns, some people — mostly low-income households — aren't required to do so. For instance, people who earn less than the standard deduction generally don't have to file a return with the IRS. But some people may have simply missed the deadline in 2020 due to the pandemic, IRS Commissioner Danny Werfel said in a statement on Thursday.
