🔎 The U.S. Internal Revenue Service (IRS) said it has $1 billion on the table in refunds due to people who never filed a return in 2020.
Nearly 940,000 people did not file a federal tax return that year, and they have a deadline to file them next May 17 of this year. If they don’t file, there’s nothing to do.
The IRS said the money owed comes from standard tax refunds, but even more could be collected because in 2020, many people were due a Recovery Refund Credit if they qualified for a COVID-19 stimulus check, but for some reason did not receive it.
In addition, the IRS explained that it also includes tax returns from tax year 2021 or 2022, when there were more stimulus payments, and those Recovery Refund Credits are available. “A good percentage of those who are not normally required to file tax returns, such as those who receive only Social Security, may be unaware that they have this money and would have to file this tax return,” the IRS said.
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We can’t forget that regardless of the tax year missed, there are three years to file a tax return before the refund goes back to the government.
🛑 The 2020 deadline was extended to May 17 because that year’s tax deadline was also extended at the time.
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