Around 940,000 taxpayers across the country have potential unclaimed refunds for tax year 2020 valued at more than $1 billion.
While most taxpayers just completed the April 15 deadline, there is a second deadline you may not know about – May 17.
That is the official deadline to file and submit 2020 tax returns never filed during the pandemic, according to the IRS.
Here in Florida, more than 53,000 taxpayers are owed “potential refunds” totaling more than $58 million with the average refund estimated to be $891.
[EXCLUSIVE: Become a News 6 Insider (it’s FREE) | PINIT! Share your photos]
Nationwide the IRS estimates more than $1 billion in refunds remain unclaimed “because people haven’t filed their 2020 tax returns yet.”
“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.
The IRS estimates the midpoint for the individual refund amounts for 2020 to be $932 — “that is, half of the refunds are more than $932 and half are less. This estimate does not include the Recovery Rebate Credit or other credits that may be applicable. "
Typically, the normal filing deadline to claim old refunds falls around the April tax deadline, which is April 15 this year for 2023 tax returns. But the three-year window for 2020 unfiled returns was postponed to May 17, 2024, due to the COVID-19 pandemic emergency. The IRS issued Notice 2023-21 on Feb. 27, 2023, providing legal guidance on claims required by the postponed deadline.
Current and prior year tax forms (such as the tax year 2020 Forms 1040 and 1040-SR) and instructions are available on the IRS.gov Forms and Publications page or by calling toll-free 800-TAX-FORM (800-829-3676).
If you have an investment, tax or consumer issue just email makeendsmeet@wkmg.com or text the words make ends meet to 407-676-7428. Remeber to include your contact information and the issue.