![\"\"](\"https:\/\/i0.wp.com\/lakelandgazette.info\/news\/wp-content\/uploads\/2024\/05\/money-1___15153630709.webp?resize=1071%2C803&ssl=1\")
<\/figure>\n<\/div>\n\n\nIn all, Florida residents are owed more than $58 million in unclaimed tax refunds from 2020.<\/p>\n\n\n\n
The IRS said earlier this year that nearly a million people nationwide haven’t claimed their refunds for the 2020 tax year. That includes 53,200 Florida residents owed $58,210,500, according to the IRS.<\/p>\n\n\n\n
Every year, IRS officials say, about $1 billion to $1.5 billion in refunds goes unclaimed, compared with about $300 billion in refunds paid.<\/p>\n\n\n\n
“We want taxpayers to claim these refunds, but time is running out for people who may have overlooked or forgotten about these refunds,” IRS Commissioner Danny Werfel said.<\/p>\n\n\n\n
Bottom of Form<\/p>\n\n\n\n
Under federal law, taxpayers normally have three years to file and claim their tax refunds until that cash becomes the property of the U.S. Treasury.<\/p>\n\n\n\n
But the deadline was extended for 2020 returns due to the pandemic \u2014 taxpayers now have until May 17 to claim 2020 refunds, according to the IRS.<\/p>\n\n\n\n
“People faced extremely unusual situations during the pandemic, which may have led some people to forget about a potential refund on their 2020 tax returns,” Werfel said. “People may have just overlooked these, including students, part-time workers and others. Some people may not realize they may be owed a refund. We encourage people to review their files and start gathering records now, so they don’t run the risk of missing the May deadline.”<\/p>\n\n\n\n
The median amount of the unclaimed Florida 2020 refunds is $891, the IRS estimates.<\/p>\n\n\n\n
In addition to making sure the money goes back into one’s pocket, taxpayers have another reason to make sure they complete their 2020 returns, the IRS says.<\/p>\n\n\n\n
Low- and moderate-income workers may be eligible for the Earned Income Tax Credit \u2014 which was worth as much as $6,600 for taxpayers with children in 2020.<\/p>\n\n\n\n
Those who need to file their 2020 returns should request their W-2, 1098, 1099 or 5498 from their employer or bank, or order a free wage and income transcript with the IRS’ Get Transcript Online tool<\/a>, the IRS said.<\/p>\n\n\n\n