Last Updated: March 26, 2024, 00:00 IST
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The IRS is warning taxpayers that they might be leaving greater than $1 billion on the desk.
WASHINGTON: The IRS is warning taxpayers that they might be leaving greater than $1 billion on the desk.
The federal tax collector stated Monday that roughly 940,000 individuals within the U.S. have till May 17 to submit tax returns for unclaimed refunds for tax yr 2020, which complete greater than $1 billion nationwide.
The common median refund is $932 for 2020. Texas (93,400), California (88,200), Florida (53,200) and New York (51,400) have the biggest quantity of individuals doubtlessly eligible for these refunds.
IRS Commissioner Danny Werfel stated in an announcement: “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.”
For individuals who must file a return, the IRS advises taxpayers to request their W-2, 1098, 1099 or 5498 from their employer or financial institution — or order a free wage and revenue transcript utilizing the “Get Transcript Online” device at IRS.gov.
Taxpayers usually have three years to file and declare tax refunds, in any other case the cash turns into the property of the U.S. Treasury.
Generally the deadline to assert outdated refunds falls across the April 15 tax deadline, however this yr the three-year window for 2020 unfiled returns was postponed to May 17, due to the COVID-19 pandemic. But if taxpayers haven’t filed a return for tax yr 2021 and 2022, any 2020 refunds could be withheld till they file for these years as properly to verify they don’t owe.
Werfel stated “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.”
Tax season formally started on January 29.
According to the newest tax season statistics, greater than 71.5 million particular person tax filings have been submitted to the IRS this season.
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See all the AP’s tax season protection at https://apnews.com/hub/personal-finance.
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