You might be owed money by the government, but there isn't much time left to get it.
The IRS recently announced that there are still about 940,000 people in the U.S. who haven't filed their 2020 tax return, leading to over $1 billion in unclaimed refunds.
In a press release, IRS Commissioner Danny Werfel mentioned that there are still refunds available for hundreds of thousands of people who haven't filed their 2020 tax returns. He urged people to claim these refunds, but time is running out for those who may have forgotten about them.
Taxpayers typically have three years to file and claim their tax refunds. After that time, the money goes to the U.S. Treasury. U.S. Treasury property.
However, the deadline for 2020 returns was extended to May 17, 2024, due to the covid-19 pandemic, giving taxpayers more time to act.
In the press release, Werfel also acknowledged the unusual circumstances during the pandemic, which may have caused some people to forget about potential refunds. He encouraged individuals, including students and part-time workers, to review their records and gather necessary documents before the May deadline.
The IRS stated that the median refund for 2020 is $932. In Pennsylvania, around 38,600 individuals are owed an average of $1,031, totaling $43,412,900.
It's important to note that if you haven't filed your 2021 and 2022 tax returns, your 2020 refund may be withheld. Additionally, any 2020 refund may be used to offset federal or state taxes, unpaid child support, or other federal debts, such as student loans.
