Have you claimed your 2020 tax return? The IRS is giving taxpayers a week to claim

The Internal Revenue Service has released a final reminder for all taxpayers that they have until May 17 to claim $1 billion from 2020 tax returns before they expire.

The statement from the IRS says 1 million people did not file for tax returns in 2020. Texas tops the list of states with the most unclaimed tax return funds, with $107.1 million of unclaimed funds in total for an estimated 93,400 taxpayers. The average refund amount is $960 for Texan taxpayers.

Taxpayers can claim the funds until May 17, an extension to the usual three years usually allowed to file after the due date due to COVID-19.

While there is no penalty for not filing if a refund is due to the taxpayer, the funds will not be available to claim after the deadline.

In order to file taxes for 2020, taxpayers can request the required tax documents such as transcripts or W-2 forms from their employer or from the IRS. Prior tax year forms are required to file taxes for 2020-2023.

For more information visit irs.gov.