By Rob Wile -
NBC News
If you didn't file a tax return during the worst of the COVID-19 pandemic and think 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 tax refunds for fiscal year 2020 are sitting in its coffers and it is still possible for eligible taxpayers to claim them.
Due to the pandemic, taxpayers got an unusual extension to the regular three-year tax filing window. You
now
have until May 17, 2024
to claim your refund for the 2020 tax year.
“There is money left on the table for hundreds of thousands of people who have not filed their 2020 tax returns,” IRS Commissioner Danny Werfel said in a statement.
“We want taxpayers to claim those refunds, but time is running out for those who may have overlooked or forgotten about them. There is a May 17 deadline to file these returns, so taxpayers should start early to ensure they don't miss out.”
The IRS estimates the average refund for 2020 is $932; Half of the declarations will be 932 and the other half will be smaller.
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“People faced unusually extreme situations during the pandemic, which could have led some to forget about a potential refund for their 2020 tax returns,” Werfel said.
“People might have missed it, including students, part-time workers and others. Some may not realize that they are owed a refund. We encourage people to review their records and start collecting them now, so they don't miss the May deadline,” she noted.
Many low- and moderate-income workers may also be eligible for the Earned Income Tax Credit (EITC), which could mean up to $6,660 for taxpayers with qualifying children for the 2020 tax year.
The IRS indicated that refunds for 2020 may be withheld if someone did not file their taxes for the years 2021 and 2022.