If you didn’t file a federal tax return for the 2020 tax year and you’re owed a refund, time is nearly out for you to claim it.
The deadline to file a return and claim a federal tax refund from 2020 is May 17. The IRS issued a final reminder on the matter Monday.
Over 900,000 people are owed money, the IRS estimated. The total amount of the unclaimed tax refunds is over $1 billion.
The median potential refund per taxpayer nationwide is over $900.
There is no penalty to file if you’re owed a refund, according to the IRS. But the return must filed within three years of its due date for a refund to be allowed.
For 2020, taxpayers have a bit more time than usual to file and claim refunds, the IRS said. The deadline is typically around the normal tax deadline of April 15, but the 2020 deadline was pushed to May 17 due to the Covid-19 pandemic.
Taxpayers stand to lose more than just routine tax refunds by failing to file for 2020, the IRS noted. They could also be owed money from credits, including the Earned Income Tax Credit, the Recovery Rebate Credit and more.
In New York, over 51,000 taxpayers are owed a refund, according to the IRS. The total amount is more than $60 million and the median potential refund per taxpayer is over $1,000.
If you’re planning to file for the 2020 tax year, you’ll need to gather documents like W-2 and 1099 forms. If you don’t have them, you might need to request them from your bank or employer.
If you’re no longer in contact with an employer, you can request a wage and income transcript at irs.gov using the “get a transcript online” tool. For many, that’s the quickest and easiest option, the IRS said.
More free filing help is available on the IRS website.