If you haven’t filed a tax return during the worst of the coronavirus pandemic and think you’re eligible for a refund, the Internal Revenue Service is asking you to contact us.
agency said this week More than $1 billion in unclaimed refunds from 2020 tax returns are sitting in a safe and can still be claimed by eligible filers.
Due to the pandemic, filers received an unusual extension of the usual three-year filing deadline. They currently have until May 17, 2024 to claim their 2020 tax year refund.
“There is still money left for hundreds of thousands of people who did not file their 2020 tax returns,” IRS Commissioner Danny Wuerffel said in a statement. “We want taxpayers to claim these refunds, but time is running out for those who may have overlooked or forgotten these refunds. The filing deadline is May 17, so taxpayers should start filing now to avoid missing out.”
The IRS estimates the median refund amount for 2020 to be $932. That means half of the refunds are more than $932 and half are less.
“People are facing extremely unusual circumstances during the pandemic, which may have caused some to forget about the possibility of a refund on their 2020 tax return,” Werfel said. “People, including students and part-time workers, may just be missing out on these. Some may not be aware that they are owed a refund. To avoid this, we recommend that you review your files and begin collecting records now.”
Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC), worth up to $6,660 for taxpayers with qualifying children for the 2020 tax year.
The IRS says 2020 tax refunds may be withheld if individuals have not filed their 2021 and 2022 tax returns.
