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Last Updated: March 26, 2024, 12:00 AM IST
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The IRS is warning taxpayers they could be leaving more than $1 billion on the table.
WASHINGTON: The IRS is warning taxpayers they could be leaving more than $1 billion on the table.
The federal tax collector said Monday that about 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed refunds for the 2020 tax year, which total more than $1 billion throughout the country
The average median rebate is $932 for 2020. Texas (93,400), California (88,200), Florida (53,200) and New York (51,400) have the most people who could be eligible for the rebate this payments.
IRS Commissioner Danny Werfel said in a statement: “We want taxpayers to claim these refunds, but time is running out for people who may have forgotten or forgotten about these refunds. The deadline for filing these returns is 17 May so taxpayers should start soon to make sure they don’t miss out.”
For people who need to file a tax return, the IRS advises taxpayers to request their W-2, 1098, 1099 or 5498 from their employer or bank – or order a free wage and income transcript using the “Get Transcript” tool Online” at IRS. steering wheel
Taxpayers usually have three years to file and claim tax refunds, otherwise the money becomes the property of the US Treasury.
The deadline for claiming old refunds generally falls around the April 15 tax deadline, but this year the three-year window for unfiled 2020 returns was delayed until May 17, due to the COVID pandemic -19. But if taxpayers haven’t filed a tax return for the 2021 and 2022 tax years, any 2020 refunds would be withheld until they file for those years as well to make sure they don’t owe.
Werfel said “some people may not realize they may be owed a refund. We encourage people to review their files and start collecting records now, so they don’t risk missing the May deadline.”
Tax season officially started on January 29.
According to the latest tax season statistics, more than 71.5 million individual tax filings have been submitted to the IRS this season.
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See all of the AP’s tax season coverage at https://apnews.com/hub/personal-finance.
Disclaimer: This post has been automatically published from an agency feed without any modifications to the text and has not been reviewed by an editor
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Associated Press)
