Did you know that the IRS has over 940,000 unclaimed tax refunds from 2020 that are about to expire? Could one of them be yours? Taxpayers have until May 17th, 2024 to submit returns for unclaimed refunds for 2020, which total more than $1 billion.
Florida, along with New York and California, boasts one of the largest amounts of people potentially eligible for these refunds.
Usually, the deadline to claim old refunds falls near the April 15th tax deadline, but the typical three-year window has been extended to May 17th due to the COVID-19 pandemic. If unclaimed, the funds become the property of the US Treasury.
If you haven’t filed a return for 2021 and 2022, 2020 refunds are withheld until that’s been handled. In order to file a return, you can request a W-2, 1098, 1099, or 5498 from your bank or employer. In addition, you may request a free wage or income transcript from the IRS, using its “Get Transcript Online” tool.
Many taxpayers don’t realize they may be owed a refund, so we encourage you to review files and gather records now in order to meet the May 17th deadline.
Time is running out, so start soon. If you need guidance, Hernandez Joshi is here to help! Reach out today for a free consultation.
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