Current:Home > NewsNearly 1 million Americans haven't claimed their tax returns from 2020. Time's running out-Angel Dreamer Wealth Society D1 Reviews & Insights
Nearly 1 million Americans haven't claimed their tax returns from 2020. Time's running out
View Date:2024-12-24 07:57:32
More than $1 billion has yet to be claimed in tax returns, and the clock is ticking on Americans.
The Internal Revenue Service said Monday that around 940,000 people in the U.S. need to submit tax returns for the 2020 tax year by May 17.
"There’s money remaining on the table for hundreds of thousands of people who haven’t filed 2020 tax returns," IRS Commissioner Danny Werfel said in a news release. "We want taxpayers to claim these refunds, but time is running out for people who may have overlooked or forgotten about these refunds."
The federal tax collector urges taxpayers to gather their W-2, 1098, 1099 or 5498 from their employer or bank ahead of the deadline. Alternatively, the service recommends ordering a free wage and income transcript using its "Get Transcript Online" tool.
The IRS said taxpayers won't be able to receive any 2020 refunds if they haven't filed a return for 2021 and 2022. The agency said this is to make sure they don't owe money.
What is the average 2020 median refund?
The average median refund for the 2020 tax year is $932, the IRS said.
In Texas, where a potential an estimated 93,400 people have yet to claim their refunds, the average median refund is $960. The highest average median refund is in Pennsylvania at $1,031 followed by New York at $1,029.
The agency listed median potential refunds for each state and how many individuals have not filed in the official release.
2020 tax return deadline pushed due to COVID
The deadline to claim old tax refunds is typically on April 15 but the three-year window for 2020 was pushed to May 17 because of the COVID-19 pandemic.
"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."
When is the 2024 tax return deadline?
The nation's 2024 tax season deadline is April 15, 2024. The IRS said it expects over 128.7 million individual tax returns to be filed by then.
The tax season officially started on Jan. 29. More than 71.5 million individual tax filings have been sent this season, according the IRS's latest update on March 15.
veryGood! (6713)
Related
- Fighting conspiracy theories with comedy? That’s what the Onion hopes after its purchase of Infowars
- Idaho Murder Case: Suspect Bryan Kohberger Indicted By Grand Jury
- What does the science say about the origin of the SARS-CoV-2 pandemic?
- Solyndra Shakeout Seen as a Sign of Success for Wider Solar Market
- 'SNL' stars jokingly declare support for Trump, Dana Carvey plays Elon Musk
- San Fran Finds Novel, and Cheaper, Way for Businesses to Go Solar
- Infant found dead inside garbage truck in Ohio
- Jersey Shore's Angelina Pivarnick Calls Out Jenni JWoww Farley Over Reaction to Her Engagement
- Tennis Channel suspends reporter after comments on Barbora Krejcikova's appearance
- FDA authorizes the first at-home test for COVID-19 and the flu
Ranking
- Advocates Expect Maryland to Drive Climate Action When Trump Returns to Washington
- What is Shigella, the increasingly drug-resistant bacteria the CDC is warning about?
- Exodus From Canada’s Oil Sands Continues as Energy Giants Shed Assets
- Despite Pledges, Birmingham Lags on Efficiency, Renewables, Sustainability
- LSU leads college football Week 11 Misery Index after College Football Playoff hopes go bust
- Peyton Manning surprises father and son, who has cerebral palsy, with invitation to IRONMAN World Championship
- This is the period talk you should've gotten
- Have you tried to get an abortion since Roe v. Wade was overturned? Share your story
Recommendation
-
Elon Musk says 'SNL' is 'so mad' Trump won as he slams Dana Carvey's impression
-
George W. Bush's anti-HIV program is hailed as 'amazing' — and still crucial at 20
-
Chinese Solar Boom a Boon for American Polysilicon Producers
-
Emma Heming Willis Wants to Talk About Brain Health
-
Brands Our Editors Are Thankful For in 2024
-
This $35 2-Piece Set From Amazon Will Become a Staple in Your Wardrobe
-
Emma Heming Willis Wants to Talk About Brain Health
-
Trump golf course criminal investigation is officially closed, Westchester D.A. says