Hey there! Have you checked if you’re one of the many people who haven’t yet claimed their tax refund for the year 2020? The clock is ticking, and the Internal Revenue Service (IRS) has just sent out a final nudge to remind everyone that a whopping $1 billion in refunds is still waiting to be claimed. But here’s the catch – you need to act fast because the deadline to claim these refunds is May 17.
Why You Should Care
If you’re thinking, “Oh, I didn’t file my taxes for 2020; isn’t it too late now?” Here’s some good news: It’s not too late, but it will be if you don’t file by May 17. The IRS is pretty clear on this. They don’t slap a penalty on you if you’re filing late because you’re owed a refund. However, there’s a three-year window to file your return if you want that refund back, and for 2020, that window closes on May 17, 2024.
The COVID-19 Extension
Remember how everything went topsy-turvy in 2020 due to COVID-19? Well, because of all that chaos, the IRS extended the filing deadline for 2020 tax returns to May 17, 2021. Fast forward three years, and that brings us to the current deadline for claiming any refunds you didn’t file for during that tax year – May 17, 2024.
How to Get Your Hands on Your Refund
Worried about not having all your documents in order? The IRS has got you covered. They’re offering ways to help you get your hands on essential documents like your W-2, 1098, 1099, or 5498 forms for 2020. You can reach out to your employer, bank, or any other payer to request copies. Alternatively, the IRS suggests using their Get Transcript Online tool or filing Form 4506-T to request a wage and income transcript.
Extra Credits = More Cash
Here’s something that might sweeten the deal. You might be eligible for certain tax credits like the Earned Income Tax Credit (EITC) or the Recovery Rebate Credit, which could bump up the size of your refund. If you haven’t filed a federal income tax return for 2020, pop over to the IRS website. They have tools and resources to help you figure out if you need to file and guide you through the process.
Get It Quick with Direct Deposit
Once you’ve filed, opting for direct deposit is the quickest way to get your refund. It’s easy, it’s secure, and it means you don’t have to keep checking the mailbox or worry about your check getting lost in the post.
Need Help with Filing?
If the thought of tax forms fills you with dread, don’t worry – you’re not alone. Free tax preparation assistance is available through the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs.
Final Words
There’s no time like the present, especially when there’s money on the line that rightfully belongs to you. Whether it’s a small amount that can cover a nice dinner or a significant sum that can make a big difference in your life, make sure to grab what’s yours before the May 17 deadline. After all, it’s not every day that the IRS reminds you there’s a billion dollars just sitting there, waiting to be claimed. Don’t leave your share of the pot unclaimed – check if you’re eligible and file those 2020 taxes today!1