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Don't Miss Out on Your Tax Refunds: Time is Running Out!

Don't Miss Out on Your Tax Refunds: Time is Running Out!

April 02, 2024

In a recent Newsweek article, we were asked about how some Americans could have tax refunds seized.  Are you one of the almost 940,000 taxpayers who have unclaimed refunds for the 2020 tax year? If so, listen up, because time is running out to claim what's rightfully yours! The Internal Revenue Service (IRS) has announced that there's over $1 billion in refunds waiting to be claimed, with an average median refund of $932. But here's the catch: the deadline to submit your tax return for the 2020 tax year is May 17th, 2024. 

You might be wondering why there's such a rush to claim these refunds. Well, under the law, taxpayers usually have three years to file and claim their tax refunds. If you don't file within three years, the money becomes the property of the U.S. Treasury. However, due to the COVID-19 pandemic emergency, the deadline for 2020 unfiled returns was postponed to May 17, 2024. This means you still have a chance to claim what's yours, but you need to act fast!

IRS Commissioner Danny Werfel emphasizes the importance of not missing out on these refunds, especially since many people may have faced unusual situations during the pandemic that caused them to forget about their potential refunds. This includes students, part-time workers, and others who may not realize they're owed money.

But the clock is ticking, and if you miss the May 17th deadline, you risk losing more than just your refund. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC), which was worth as much as $6,660 for taxpayers with qualifying children in 2020.

So, what can you do to ensure you don't miss out on your refund? Start by gathering your tax documents and filing your 2020 tax return as soon as possible. If you're missing key documents like Forms W-2, 1098, 1099, or 5498, don't worry. You can request copies from your employer, bank, or other payers. Alternatively, you can use Get Transcript Online at IRS.gov to order a free wage and income transcript, or file Form 4506-T to request a "wage and income transcript" from the IRS.

Remember, the deadline is approaching fast, so don't delay! Check out the state-by-state estimates of individuals who may be due 2020 income tax refunds provided by the IRS below, and take action to claim what's rightfully yours before it's too late.

If you have any questions or need assistance with filing your tax return, don't hesitate to reach out to a tax professional or visit irs.gov for more information. Don't miss out on your chance to claim your tax refund for the 2020 tax year – act now!



"Some American Could Have Tax Refunds Seized"-Newsweek

IRS.GOV


9i Capital Group LLC is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.