Act Now: Unclaimed 2020 Tax Refunds - What You Need to Know

Tax season is upon us, and if you haven't yet filed your 2020 tax return, you might be missing out on money that's rightfully yours. According to recent alerts from the IRS, over $1 billion in refunds from the 2020 tax year remains unclaimed, and time is running out for taxpayers to retrieve their funds.

As of now, almost 940,000 taxpayers have yet to claim their refunds for 2020, with the average median refund totaling around $932. These unclaimed refunds represent a significant opportunity for individuals who may have overlooked their filing obligations or were unaware of their eligibility for a refund.

The deadline to file tax returns is typically around April 15. However, due to the pandemic, taxpayers were granted an extension for 2020 tax returns, with the deadline now set for May 17, 2024. It's essential to act promptly if you believe you may be owed a refund for the 2020 tax year.

Here's what you need to know:

1.     Don't Miss the Deadline: Time is of the essence. Failure to file your 2020 tax return by the May 17 deadline could result in the forfeiture of your refund. Act now to ensure you don't miss out on claiming what's rightfully yours.

2.     Check Your Eligibility: Many individuals who may be eligible for these refunds include students, part-time workers, and others who might have overlooked their filing obligations. Even if you didn't earn income in 2020, you may still be eligible for certain tax credits and refunds. Review your financial records and consult with a tax professional to determine your eligibility.

3.     File Electronically for Faster Processing: To expedite the processing of your tax return and refund, consider filing electronically. E-filing is not only convenient but also reduces the risk of errors and ensures faster processing times.

4.     Claiming Previous Years' Refunds: Remember that taxpayers generally have three years to file and claim their refunds. If you failed to file a tax return for the 2020 tax year or any previous years for which you believe you're owed a refund, take action now to claim those funds before the deadline expires.

5.     Seek Assistance if Needed: If you're unsure about your filing obligations or need assistance in preparing and filing your tax return, don't hesitate to seek help. The IRS offers resources and assistance to taxpayers, including free tax preparation services for eligible individuals.

At Atkins Law Offices, we understand the importance of financial well-being, and we're committed to keeping our community informed about matters that could impact their financial health. If you have any questions or need further assistance regarding tax matters, please don't hesitate to reach out to us.

Let's ensure that no one misses out on their rightful refunds. Act now and secure what's rightfully yours.