If you didn\u2019t file a tax return amid the worst of the Covid-19 pandemic and believe you\u2019re eligible for a refund, the Internal Revenue Service wants to hear from you.<\/p>\n
The agency said this week that more than $1 billion in unclaimed refunds for tax filing year 2020 are sitting in its coffers, and that it\u2019s still possible for eligible filers to claim.<\/p>\n
Due to the pandemic, filers got an unusual extension on the regular three-year return-filing window. They now have until May 17, 2024 to claim their refund for tax year 2020.<\/p>\n
\u201cThere\u2019s money remaining on the table for hundreds of thousands of people who haven\u2019t filed 2020 tax returns,\u201d said IRS Commissioner Danny Werfel in a statement. \u201cWe want taxpayers to claim these refunds, but time is running out for people who may have overlooked or forgotten about these refunds. There\u2019s a May 17 deadline to file these returns so taxpayers should start soon to make sure they don\u2019t miss out.\u201d<\/p>\n
The IRS estimates the median refund amounts for 2020 to be $932 \u2014 that is, half of the refunds are more than $932 and half are less.\u00a0<\/p>\n
\u201cPeople faced extremely unusual situations during the pandemic, which may have led some people to forget about a potential refund on their 2020 tax returns,\u201d Werfel said. \u201cPeople may have just overlooked these, including students, part-time workers and others. Some people may not realize they may be owed a refund. We encourage people to review their files and start gathering records now, so they don\u2019t run the risk of missing the May deadline.\u201d<\/p>\n
Many low- and moderate-income workers may also be eligible for the Earned Income Tax Credit (EITC), worth as much as $6,660 for taxpayers with qualifying children for the 2020 tax year.<\/p>\n
The IRS notes 2020 tax refunds may be held if an individual has not filed tax returns for 2021 and 2022.<\/p>\n<\/p>\n
If you didn\u2019t file a tax return amid the worst of the Covid-19 pandemic and believe you\u2019re eligible for a refund, the Internal Revenue Service wants to hear from you. The agency said this week that more than $1 billion in unclaimed refunds for tax filing year 2020 are sitting in its coffers, and that […]<\/p>\n","protected":false},"author":0,"featured_media":2665,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/2664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=2664"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/2664\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/2665"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=2664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=2664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=2664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}