• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick More than $1 billion in federal tax refunds unclaimed as deadline to file approaches
Editor's Pick

More than $1 billion in federal tax refunds unclaimed as deadline to file approaches

by April 2, 2024
by April 2, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

If you didn’t file a tax return amid the worst of the Covid-19 pandemic and believe you’re eligible for a refund, the Internal Revenue Service wants to hear from you.

The agency said this week that more than $1 billion in unclaimed refunds for tax filing year 2020 are sitting in its coffers, and that it’s still possible for eligible filers to claim.

Due to the pandemic, filers got an unusual extension on the regular three-year return-filing window. They now have until May 17, 2024 to claim their refund for tax year 2020.

“There’s money remaining on the table for hundreds of thousands of people who haven’t filed 2020 tax returns,” said IRS Commissioner Danny Werfel in a statement. “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.”

The IRS estimates the median refund amounts for 2020 to be $932 — that is, half of the refunds are more than $932 and half are less. 

“People faced extremely unusual situations during the pandemic, which may have led some people to forget about a potential refund on their 2020 tax returns,” Werfel said. “People may have just overlooked these, including students, part-time workers and others. 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.”

Many low- and moderate-income workers may also be eligible for the Earned Income Tax Credit (EITC), worth as much as $6,660 for taxpayers with qualifying children for the 2020 tax year.

The IRS notes 2020 tax refunds may be held if an individual has not filed tax returns for 2021 and 2022.

This post appeared first on NBC NEWS
You Might Also Like
  • FCC is investigating Disney and ABC for DEI initiatives
  • Clorox says last month’s cyberattack is still disrupting production
  • Mack Trucks employees go on strike after rejecting contract
  • Sam Bankman-Fried admits FTX ‘sure should have’ done more to protect customers’ money
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Trump’s deals to sell Bibles, sneakers and perfume are unprecedented for a presidential candidate, experts say
next post
Rashida Tlaib accuses Israel of intentionally killing 7 humanitarian aid workers

You may also like

Fed raises interest rates by a quarter point, keeping inflation...

March 23, 2023

GM reveals redesigned GMC Terrain as brand’s entry-level model

August 12, 2024

OQ Technology to become world’s largest 5G NB-IoT LEO-satellite operator

March 13, 2023

UAW’s Tennessee win fuels backers’ hopes in the South, but...

April 26, 2024

Cash App owner Block pays $40 million in settlement over...

April 11, 2025

Dollar General tests same-day delivery as discounter chases Walmart

December 6, 2024

Jenny Craig employees file a class-action lawsuit claiming the company...

May 6, 2023

Some consumers are punting big purchases like pools and mattresses

May 19, 2024

Paris seeing signs of strong travel demand ahead of Summer...

June 24, 2024

Mars to acquire snack maker Kellanova in $36 billion deal

August 14, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,632 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Sateliot in Collaboration with Sensefinity To...

    January 17, 2023

    Renesas Announces Its First Wi-Fi Development...

    January 6, 2023

    Target doubles bonuses for salaried employees...

    March 25, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here