(NEXSTAR) – A key deadline that could leave some taxpayers liable for an estimated $1 billion in refunds is approaching at the end of this month, the Internal Revenue Service announced.
Taxpayers who did not file a 2020 tax return may be eligible for a refund if they file by May 17, and there is no penalty for failing to file a refund when it is due.
However, to receive a refund, your return must be delivered to the IRS within three years of the return deadline. In 2020, the filing deadline was delayed until mid-April due to the novel coronavirus, so the deadline will be in the second half of this year.
This year’s deadline is the last chance for taxpayers to claim not only old refunds but also unpaid tax credits. Taxpayers who may have overpaid the government or withheld too much tax will also miss out on the opportunity to apply their refund checks or balances to other tax years.
Don’t forget the tax deduction
According to the IRS, taxpayers who don’t file a return for the 2020 tax year not only miss out on a potential refund, they also miss out on any credits they might be eligible for.
Not included in the $1 billion estimate is the Earned Income Tax Credit, which could be worth up to $6,660 for low-income workers with qualifying family members who did not receive one or more taxes. Recovery Rebate Credit is a credit that is refundable to a person. Stimulus checks sent in 2020 and 2021.
The IRS encourages you to start filing your taxes as soon as possible if you want to meet the May 17 deadline, as it can take time to obtain the necessary documentation from your employer, bank, or other payer.
You can order your free wage and income certificate below. IRS.gov. Not sure if you need to file a tax return?look Additional guidance From the I.R.S.
Which states have the most debt?
The IRS analyzed the estimated amount owed to taxpayers by state, with Texas leading the way at $107,130,200, followed by California ($94,226,300) and Florida ($58,210,500). There was found.
| state or district | Estimated population size | Median likelihood of refund | Total potential refund* |
| Alabama | 15,200 | $926 | $16,839,800 |
| alaska | 3,700 | $931 | $4,335,300 |
| arizona | 25,400 | $871 | $26,939,600 |
| arkansas | 8,700 | $923 | $9,392,600 |
| California | 88,200 | $835 | $94,226,300 |
| colorado | 18,500 | $894 | $20,109,900 |
| connecticut | 9,800 | $978 | $11,343,600 |
| Delaware | 3,600 | $945 | $4,156,500 |
| District of Columbia | 2,900 | $968 | $3,503,800 |
| florida | 53,200 | $891 | $58,210,500 |
| georgia | 36,400 | $900 | $39,175,600 |
| Hawaii | 5,200 | $979 | $5,972,600 |
| idaho | 4,500 | $761 | $4,369,600 |
| illinois | 36,200 | $956 | $40,608,000 |
| Indiana | 19,200 | $922 | $20,893,000 |
| iowa | 9,600 | $953 | $10,601,700 |
| Kansas | 8,700 | $900 | $9,285,600 |
| kentucky | 10,600 | $920 | $11,236,300 |
| louisiana | 15,100 | $957 | $17,357,300 |
| maine | 3,800 | $923 | $4,030,200 |
| maryland | 22,200 | $991 | $26,365,400 |
| Massachusetts | 21,800 | $975 | $25,071,800 |
| michigan | 34,900 | $976 | $38,274,800 |
| minnesota | 13,500 | $818 | $14,043,900 |
| mississippi | 8,100 | $861 | $8,685,000 |
| missouri | 19,500 | $893 | $20,803,400 |
| montana | 3,400 | $851 | $3,632,100 |
| nebraska | 4,700 | $901 | $5,007,300 |
| nevada | 10,200 | $890 | $11,143,900 |
| new hampshire | 4,200 | $982 | $4,923,100 |
| new jersey | 24,400 | $920 | $27,408,300 |
| new mexico | 6,500 | $868 | $7,032,700 |
| new york | 51,400 | $1,029 | $60,837,400 |
| north carolina | 27,500 | $895 | $29,304,100 |
| north dakota | 2,200 | $953 | $2,482,600 |
| Ohio | 31,400 | $909 | $32,939,900 |
| oklahoma | 14,300 | $902 | $15,566,900 |
| Oregon | 15,300 | $847 | $15,857,800 |
| pennsylvania | 38,600 | $1,031 | $43,412,900 |
| rhode island | 2,600 | $986 | $2,980,500 |
| south carolina | 11,900 | $840 | $12,564,900 |
| south dakota | 2,200 | $892 | $2,346,300 |
| tennessee | 16,800 | $909 | $18,007,000 |
| texas | 93,400 | $960 | $107,130,200 |
| Utah | 7,800 | $836 | $8,191,700 |
| vermont state | 1,700 | $911 | $1,818,600 |
| Virginia | 25,900 | $914 | $28,944,600 |
| Washington | 26,200 | $976 | $31,110,300 |
| west virginia | 3,800 | $950 | $4,130,400 |
| wisconsin | 11,800 | $837 | $12,139,400 |
| wyoming | 2,100 | $961 | $2,416,300 |
| total | 938,800 | $932 | $1,037,161,300 |
Please refer to. IRS website For many.
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