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Welcome to The Money, where we break down financial news and provide the TL;DR version of how decisions by the Federal Reserve, government and companies impact you.

More than $1 billion in tax refunds is up for grabs, but May 17 is the final day to file your 2020 taxes to claim one. Whatever isn't claimed goes to Uncle Sam.

The IRS estimates that 940,000 Americans still haven't filed their 2020 tax returns to receive their refund. The median refund amount from the remaining 2020 taxes is likely around $932, according to the IRS.

Californians and Texans have the most to gain. Those two states together have almost 200,000 people who haven't filed 2020 taxes, the IRS said.

Deja vu for homebuyers

If you held off buying a home in 2023, hoping mortgage rates would fall, you might be disappointed.

Not only has inflation ticked higher, forcing the Federal Reserve to delay highly anticipated interest rate cuts but it's also signaled it's bowing out of being a major buyer of mortgage backed securities (MBS). Read about how all these things conspire to put a floor under mortgage rates this buying season.

If I had a crystal ball

One columnist predicts Social Security's cost-of-living-adjustment will be lower in 2025 than this year's 3.2% adjustment as inflation is expected to continue cooling this year.

Even though the exact COLA won't be known until closer to year end, it's best to start budgeting for that now. Seniors continue to struggle as prices for rents, health care and transportation -- things seniors spend most of their money on -- remain elevated.

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