The IRS Owes 51k New Yorkers Millions Of Dollars - Are You One Of Them?

FROM SACHEM PATCH / NICOLE ROSENTHAL

The IRS owes tens of thousands of New York residents money from 2020, but people need to act fast to make sure they don’t miss out on their unclaimed cash, agency officials said. In all, New York residents are owed more than $60M in unclaimed tax refunds from 2020.

Every year, IRS officials say, about $1 billion to $1.5 billion in refunds goes unclaimed, compared with about $300 billion in refunds paid.

“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.

“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.”

Further instructions are available at the IRS website or by calling 800-829-3676.

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