By Timothy M. Hughes
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10 Apr, 2024
The IRS recently announced that almost 940,000 people across the nation have unclaimed refunds for tax year 2020 but face a May 17 deadline to submit their tax returns. The IRS estimates more than $1 billion in refunds remain unclaimed because people have not filed their 2020 tax returns yet. The average median refund is $932 for 2020. The IRS estimates that about 36,200 Illinois taxpayers may lose $40,608,000 in potential refunds.