IRS says nearly $1B in refunds still unclaimed from 2020 and 2021

LOS ANGELES (KABC) -- Whether you already did your taxes or have yet to start them, time is running out to file for refunds on past returns. The IRS says taxpayers have left nearly $1 billion worth of unclaimed refunds that can still be claimed before it's too late.

In California, over 88,000 taxpayers could be eligible to receive some cash back, with an average missing refund total of $932. Most of the unclaimed money stems from the three stimulus checks sent to taxpayers during the pandemic.

Missing or incomplete stimulus payments can be claimed through a recovery rebate credit, in which you'll receive a tax refund if the credit is larger than the amount owed in the given year.

If you missed the first and second stimulus checks from 2020, you'll need to send in an amended 2020 income tax return by May 17. If you're missing your third stimulus check from 2021, you have until April 15, 2025, to send an amended tax return for that year.

"I would recommend when you're doing an amendment, you may want to hire a professional to help you," Northwestern Mutual financial advisor Hanna Grichanik said. "It could entail gathering documents you may have not stored. I always recommend keeping your taxes for around 5 years so that you could reference them quickly. Working with a tax professional would be key for refiling."

Unclaimed refunds go to the U.S. Treasury after three years. You can check if you did not receive the full three payments by visiting your online IRS account.