If you didn’t file a tax return amid the worst of the Covid-19 pandemic and believe you’re 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’s 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. <\/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
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