The IRS Has Set a July 2024 Deadline for Claiming a Refund of $900.The Internal Revenue Service (IRS) has not given up on individuals who have yet to file their 2020 tax returns. An astonishing $1.5 billion remains unclaimed in tax refunds, and you still have the opportunity to take action as the deadline has not passed.
The IRS Has Set a July 2024 Deadline for Claiming a Refund of $900
It’s important to note that the IRS will not provide another extension beyond the current deadline. Missing out on this IRS tax refund check can have a significant impact on your financial situation. Surprisingly, during the previous tax return extension, 1.5 million taxpayers failed to file their returns.
Now, you might be wondering why the IRS has allowed taxpayers to file their 2019 tax returns until July 17. The primary reason is the lingering effects of the pandemic. Many individuals either forgot to file or mistakenly believed they were exempt from filing.
What is the average amount of these IRS tax refund checks?
According to the IRS, the average median tax refund amounts to approximately $893. Thus, this can be a significant sum that can prove beneficial if you are eligible to receive it. Furthermore, the IRS states that some individuals may be entitled to even larger refund amounts. Therefore, if you haven’t filed yet, you are wasting both your time and potential money.
Remember, summertime is here, but don’t overlook the IRS tax refund deadline on July 17. Be proactive in ensuring you meet this deadline and avoid missing out on potential refunds.
Additionally, keep in mind that the IRS may also owe you money through eligible credits. However, to receive this check, you must have also filed your 2020 and 2021 tax returns, as per the IRS. Failure to do so may result in the IRS holding your refund.
What options are available for gathering documents for the 2020 tax return?
The IRS recognizes that some taxpayers may face challenges in obtaining all the necessary information. One option suggested by the IRS is to request copies of essential documents from your bank, employer, or payer. Forms such as W-2, 1098, 1099, or 5498 for the year 2020 can be obtained from them.
The IRS also recommends utilizing the Get Transcript Online tool, which allows for easy and quick access to a free wage and income transcript.
Another possibility is requesting a transcript by filing Form 4506-T. However, considering the time it takes, this option is not feasible now for the 2019 tax return, as it will cause you to miss the July 17 deadline.
If you have already filed your 2020 tax return and received your refund of $900 or more, spread the word to help others benefit as well. Part-time workers, low-income individuals, and students are often unaware that they may have unclaimed money from the IRS.
