The IRS owes money to thousands of people in the Carolinas, but time is running out to get it

CHARLOTTE — There are nearly 40,000 people in North Carolina and South Carolina who are owed money by the Internal Revenue Service, but they’re running out of time to get it.

The IRS says about $1 billion worth of refunds for tax year 2020 still hasn’t been claimed yet, and the deadline to get the refund is on May 17.

The agency has estimates for how many people in each state have unclaimed tax refunds from 2020, and how much the average refund is.

In North Carolina, there are about 27,500 people who are owed money. In South Carolina, there are just shy of 12,000 people who are owed money.

According to the IRS, the median potential refund in North Carolina was $953, and the median potential refund in South Carolina was $840.

If you didn’t file and claim your tax refund for 2020, you can find the 1040 form to do so at this link. But you better hurry before the Friday deadline.

According to the IRS, the law says that taxpayers have three years to file and claim their tax refunds, or else the money becomes the property of the U.S. Treasury. Across the whole country, the IRS owes people $1,037,161,300 for the 2020 tax year.

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