IRS Says Deadline Approaching For Over $1 Billion in 2020 Tax Refunds

IRS Says Deadline Approaching For Over $1 Billion in 2020 Tax Refunds

IRS Says Deadline Approaching , For Over $1 Billion , in 2020 Tax Refunds.

NBC reports that the Internal Revenue Service has alerted anyone who didn't file a tax return at the height of the pandemic that they may be eligible for a refund.

According to the IRS, over $1 billion in unclaimed refunds for 2020 are waiting to be claimed.

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Due to the COVID-19 pandemic, U.S. taxpayers got an extension on the normal three-year filing window.

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The new due date is now May 17, 2024, meaning the last chance for taxpayers to claim their 2020 refund is looming.

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There’s money remaining on the table for hundreds of thousands of people who haven’t filed 2020 tax returns, Danny Werfel, IRS Commissioner, via NBC.

There’s money remaining on the table for hundreds of thousands of people who haven’t filed 2020 tax returns, Danny Werfel, IRS Commissioner, via NBC.

We want taxpayers to claim these refunds, but time is running out for people who may have overlooked or forgotten about these refunds.

There’s a May 17 deadline to file these returns so taxpayers should start soon to make sure they don’t miss out, Danny Werfel, IRS Commissioner, via NBC.

According to IRS estimates, , the median refund , for 2020 was $932.

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People faced extremely unusual situations during the pandemic, which may have led some people to forget about a potential refund on their 2020 tax returns, Danny Werfel, IRS Commissioner, via NBC.

People may have just overlooked these, including students, part-time workers and others.

Some people may not realize they may be owed a refund.

We encourage people to review their files and start gathering records now, so they don’t run the risk of missing the May deadline, Danny Werfel, IRS Commissioner, via NBC.

People may have just overlooked these, including students, part-time workers and others.

Some people may not realize they may be owed a refund.

We encourage people to review their files and start gathering records now, so they don’t run the risk of missing the May deadline, Danny Werfel, IRS Commissioner, via NBC.

NBC reports that the IRS noted that 2020 tax refunds could be withheld if the taxpayer also failed to file returns in 2021 or 2022