Approximately 940,000 Americans were alerted by the Internal Revenue Service (IRS) due to the availability of pending 2020 tax refunds.
In this sense, taxpayers have until May 17 to submit their late returns and get an unclaimed refund. We’re talking about $1 billion dollars waiting for taxpayers.
The truth is, depending on each state, the average amount of this refund is about $932.00 USD.
For his part, IRS Commissioner Danny Werfel asked taxpayers to claim what is rightfully theirs. It happens that anyone who does not file their return before May 17 will lose their right to this fund.
Generally, the last day to submit applications was almost always in April, typically the 15th. However, due to the extraordinary situation caused by the pandemic, an extension was granted till May 17, 2024.
If we, for example, talk about the Earned Income Tax Credit (EITC), it will greatly benefit low- and moderate-income workers. Therefore, the EITC for 2020 could be up to $6,660.00 USD for taxpayers with qualifying children.
What if they don’t file a declaration?
It’s no secret that 2020 refunds could be affected if 2021 and 2022 returns are not filed.
Likewise, any outstanding refunds can be applied to existing debts owed to the IRS or state agencies. However, it can also be used to offset unpaid child support or delinquent federal student loans.
Therefore, the authorities recommend that those seeking compensation start preparing and collecting the necessary documents as soon as possible.
Let’s also remember that tax forms for current and previous years are available on the IRS website. But you can also get it through the toll-free number 800-TAX-FORM.
