Davidson News

Davidson News

Time Running Out for Texans to Claim $1B in Tax Refunds

As the May 17 deadline approaches, approximately 1 million Americans have yet to claim their 2020 tax refunds, leaving over $1 billion unclaimed with the IRS. Texas leads the states with the highest number of eligible taxpayers.

Time Running Out for Texans to Claim $1B in Tax Refunds
Time Running Out for Texans to Claim $1B in Tax Refunds

Texans at Risk of Missing Out

Texas has the largest number of individuals eligible for refunds, with an estimated 93,400 residents who could receive a median refund of $960. The total potential refunds for Texas amount to a staggering $107,130,200.

Significant Refunds in Other States

Following Texas, California, Florida, and New York also have substantial numbers of unclaimed refunds. California has 88,200 potential recipients, each with a median refund of $835, totaling $94,226,300. In Florida, 53,200 individuals may be eligible for a median refund of $891, adding up to $58,210,500. New York has 51,400 potential claimants with a higher median refund of $1,029, totaling $60,837,400.

Importance of Filing

The IRS emphasizes the importance of filing to claim these refunds, as failing to do so by the deadline means the money will remain with the federal government. Taxpayers are encouraged to check their eligibility and file as soon as possible to avoid missing out on their refunds.

States with the Largest Unclaimed Tax Refunds

  1. Texas: $107,130,200 (93,400 individuals)
  2. California: $94,226,300 (88,200 individuals)
  3. Florida: $58,210,500 (53,200 individuals)
  4. New York: $60,837,400 (51,400 individuals)

Final Reminder

With the deadline just around the corner, eligible taxpayers should ensure they file their returns to claim their refunds. The IRS provides resources and assistance for those needing help with their filings.

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