2024-10-30
Did you file your 2020 tax return, or were you among the thousands who missed out on claiming their due refunds?
The IRS is currently holding over $1 billion in unclaimed refunds for roughly 940,000 taxpayers, with an average refund amount of $932. The clock is ticking, with time running out for you to claim what’s rightfully yours.
By law, unclaimed tax refunds are retained by the IRS for three years before being transferred to the US Treasury. However, with the tax deadline extended to May 17, 2021, due to the impact of the COVID-19 pandemic, individuals now have until May 17, 2024, to file their 2020 tax return and retrieve any unclaimed refunds.
It is important to note that prior-year tax returns cannot be filed electronically and must be submitted via mail to the relevant regional IRS office.
Utilizing the IRS Form 1040 Recovery Rebate Credit Worksheet, taxpayers can calculate their recovery rebate credits and determine if they are eligible for additional refunds.
This process may also require obtaining copies of any missing tax documents, such as W-2s, 1098s, or 1099s from 2020, from the relevant employers or financial institutions.
Concerning refunds that may have been offset to cover tax debts, child support, or other federal obligations, individuals are advised to reach out to the respective entities for further information. Tax refund offsets are managed by different agencies, depending on the type of debts involved.
The time to act is now to claim these unclaimed funds and ensure they are put to good use. Don't let these refunds slip through the cracks. Act promptly to secure your rightful refunds and avoid missing the chance to regain these crucial financial resources.
Seize Your Unclaimed Tax Refund: A Step-by-Step Guide to Retrieving Your Money
Did you file your 2020 tax return, or were you among the thousands who missed out on claiming their due refunds?
The IRS is currently holding over $1 billion in unclaimed refunds for roughly 940,000 taxpayers, with an average refund amount of $932. The clock is ticking, with time running out for you to claim what’s rightfully yours.
By law, unclaimed tax refunds are retained by the IRS for three years before being transferred to the US Treasury. However, with the tax deadline extended to May 17, 2021, due to the impact of the COVID-19 pandemic, individuals now have until May 17, 2024, to file their 2020 tax return and retrieve any unclaimed refunds.
It is important to note that prior-year tax returns cannot be filed electronically and must be submitted via mail to the relevant regional IRS office.
Utilizing the IRS Form 1040 Recovery Rebate Credit Worksheet, taxpayers can calculate their recovery rebate credits and determine if they are eligible for additional refunds.
This process may also require obtaining copies of any missing tax documents, such as W-2s, 1098s, or 1099s from 2020, from the relevant employers or financial institutions.
Concerning refunds that may have been offset to cover tax debts, child support, or other federal obligations, individuals are advised to reach out to the respective entities for further information. Tax refund offsets are managed by different agencies, depending on the type of debts involved.
The time to act is now to claim these unclaimed funds and ensure they are put to good use. Don't let these refunds slip through the cracks. Act promptly to secure your rightful refunds and avoid missing the chance to regain these crucial financial resources.
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