Filers who believe they are due a refund for the 2020 tax year have until May 17 to make their claim, according to the IRS.
In Short
- Irs urges filers to claim their 2020 tax refunds before the may 17 deadline.
- Almost $1 billion in unclaimed refunds for the 2020 tax year is up for grabs.
- The extended filing window due to the pandemic allows qualified filers to make their refund claims.
- Irs commissioner emphasizes the importance of filing to avoid losing out on potential refunds.
- Median return amount predicted by irs for 2020 is $932.
TFD – Discover how you can claim your 2020 tax refund before the IRS deadline to avoid potential withholding of your refunds. Act fast to secure your unclaimed refunds for the 2020 tax year and ensure you don’t miss out on what you’re entitled to.
The Internal Revenue Service is interested in speaking with you if, during the height of the Covid-19 outbreak, you failed to file your taxes and think you may be entitled to a refund.
This Monday, the agency announced that qualified filers still have the opportunity to receive almost $1 billion in unclaimed refunds for the tax filing year 2020 that are currently lying in its coffers.
The typical three-year return filing window was unusually extended for filers due to the epidemic. They now have until May 17, 2024, to make their 2020 tax year refund claim.
IRS Commissioner Danny Werfel stated in a statement that “there is money remaining on the table for hundreds of thousands of people who haven’t filed 2020 tax returns.” We urge taxpayers to collect their refunds, but there isn’t much time left for those who might have forgotten or neglected them. To ensure they don’t lose out, taxpayers should begin as soon as possible because the deadline for filing their reports is May 17.
According to IRS predictions, the median return amount for 2020 will be $932; half of the refunds will be less than $932 and the other half will be more.
Werfel stated, “During the pandemic, people encountered incredibly unusual circumstances, which may have caused some people to forget about a potential refund on their 2020 tax returns.” “People, particularly students and part-timers, might have just missed these. Unbeknownst to them, some customers might be entitled to a refund. We advise individuals to check their files and begin compiling documentation as soon as possible to avoid missing the May deadline.
The Earned Income Tax Credit (EITC), which is worth up to $6,660 for taxpayers with qualifying children for the 2020 tax year, may also be available to many workers with low to moderate incomes.
According to the IRS, if a person does not file tax returns for 2021 and 2022, their 2020 tax refunds may be withheld.
Conclusion
It’s crucial to act swiftly and claim your 2020 tax refund before the IRS deadline to avoid any potential withholding of your refunds. With almost $1 billion in unclaimed refunds available, filing for the 2020 tax year by May 17 is essential to ensure you receive what you’re entitled to. Don’t wait, secure your refunds now!
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