The Internal Revenue Service says about $1 billion is still unclaimed in tax refunds from 2020. About 1 million people haven’t filed their tax returns for that year who are likely eligible for a refund if they do. The IRS says these taxes may still be filed and refunds claimed, but only until May 17. There's no penalty for failure to file if a refund is due. However, a return claiming a refund must be filed within three years of its due date for a refund to be allowed.
RELATED: IRS to decide on restoring free tax site amid uncertain future of programThe 2020 filing deadline was pushed to May 17, due to COVID-19, making the three-year window deadline for 2020 unfiled returns May 17, 2024. After the expiration of the three-year period, the refund statute generally prevents the issuance of a refund check and the application of any credits, including overpayments of estimated taxes or withholding amounts, to other tax years that are underpaid, the IRS said.
Personal Finance News Money Us
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IRS Commissioner Werfel talks about Direct File, audits and IRS budgetThe agency’s leader says it has identified the problems with its algorithm that have led to a racial disparity in audits of Black taxpayers.
Source: washingtonpost - 🏆 95. / 72 Read more »
IRS says $1 billion in tax refunds available to people who did not file tax returns in 2020, 2021Here's some good news on Tax Day: you may have extra money owed to you.
Source: ABC7Chicago - 🏆 284. / 63 Read more »
IRS Urges Americans to Claim $1 Billion in Unclaimed Tax RefundsThe IRS is warning Americans to hurry up and collect $1 billion left on the table in 2020 – or risk missing out on the cash. The tax collection agency announced that nearly 940,000 people nationwide face a May 17 deadline to submit their tax returns for unclaimed refunds for the 2020 tax year. Collectively, the refunds are worth more than $1 billion.
Source: fox13seattle - 🏆 328. / 59 Read more »
Tax deadline approaches: Tips to file on time, obtain extensions and avoid IRS penaltiesTaxes are due in just a few days, and millions of Americans are expected to ask the IRS for an extension.
Source: wsyx6 - 🏆 444. / 53 Read more »
IRS Issues Warning as Tax Deadline LoomsThe IRS has issued a warning about lucrative tax schemes offered by criminals that can result in serious consequences for taxpayers.
Source: Newsweek - 🏆 468. / 52 Read more »
IRS Warns of Shady Tax Preparers Scamming TaxpayersThe Internal Revenue Service (IRS) has issued a warning about fraudulent tax return preparers who may scam taxpayers out of their refunds and personal information.
Source: BestLifeOnline - 🏆 533. / 51 Read more »