IRS warns 940,000 taxpayers of unclaimed refunds [Video]

The 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 (93,400), California (88,200), Florida (53,200) and New York (51,400) 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” …