The IRS Wants Taxpayers to Claim $1.5 Billion in Unclaimed Refunds -- But There's Less Than 1 Week to Do It

Christy Bieber, The Motley Fool
The IRS Wants Taxpayers to Claim $1.5 Billion in Unclaimed Refunds -- But There's Less Than 1 Week to Do It

In fact, according to the IRS, there are $1.5 billion worth of unclaimed refunds from the 2016 tax year. While the IRS can create a substitute tax return for you if you don't file one, they may not know about deductions and credits you're entitled to, so may not know you're due a refund unless you tell them -- especially if you're entitled to the Earned Income Tax Credit. The total value of these unclaimed refunds adds up to around $1.5 billion -- and if taxpayers don't submit their forms by July 15, 2020, their time will be up and the money will become the property of the Treasury.

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