IRS Now Owes Minnesotans $14 Million, Time Running Out To Claim Refund

The IRS says it still owes Minnesotans over 14 million dollars in tax refunds, but the clock is ticking and the deadline is quickly approaching for you to claim your money!

While the deadline to file your 2023 taxes here in the Land of 10,000 Lakes was back on April 15th, the IRS is still trying to make sure some Minnesotans get their refunds from several years ago-- but time is running out.

And it's not a small amount of money that has yet to be claimed, either. According to a release from the IRS earlier this month, taxpayers across the U.S. have yet to claim over 1 billion dollars in refunds from the 2020 tax season. Yes, that's a billion, with a 'b'!

Here in our neck of the woods, the IRS estimates that 13,500 people in the North Star State are owed a total of $14,043,900 in 2020 refunds, which comes out to an average of $818 per person, the IRS noted.

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So why is all this extra refund money from four years ago still out there? The IRS explained that it's (stop me if you've heard this already) due to the pandemic:

For 2020 tax returns, people have a little more time than usual to file their claim for refunds. Typically, the filing deadline to claim old refunds falls around the tax deadline of April 15. However, the 2020 filing deadline was pushed to May 17, due to COVID-19, making the three-year window deadline for 2020 unfiled returns May 17, 2024

The IRS says taxpayers here in the Bold North and across the country usually have three years to file and claim their tax refunds. If you don't file within three years, any refund becomes the property of the U.S. Treasury. But the IRS said for 2020 tax returns, you have more time than usual to file to claim your refund-- but only until Friday!

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If you think you might be one of the thousands of Minnesotans with a refund coming to you, the IRS said current and prior year tax forms (such as the tax year 2020) and instructions are available on the IRS Forms, Instructions & Publications page or by calling toll-free 800-TAX-FORM (800-829-3676).

And, if you need to, you can file your taxes for free on the IRS site HERE.

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