$900 IRS refund: Who is eligible and when is the deadline to claim it?
Nearly one million people are eligible to claim a refund of around $932 from the IRS. What are the requirements and when is the deadline to request it?
The tax season will end in a little over two weeks. This year, the Internal Revenue Service (IRS) is receiving and processing returns for tax year 2023, and sending out the respective refunds.
The tax agency also receives returns from previous years and sends the corresponding refunds. In this regard, the IRS has reported that around 940,000 people have unclaimed refunds from 2020 and the deadline to claim them is approaching.
$900 refund: Who’s eligible and how to claim
The Internal Revenue Service estimates that nearly $1 billion in refunds remain unclaimed because people have not yet filed their 2020 tax returns.
According to the agency, the average refund for that year is $932. The deadline to file your 2020 tax returns is May 17.
“There is money on the table for hundreds of thousands of people who have not filed 2020 tax returns,” said IRS Commissioner Danny Werfel.
“We want taxpayers to claim these refunds, but time is running out for people who may have overlooked or forgotten about these refunds. There is a deadline of May 17 to file these returns, so taxpayers should start soon,” he added.
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Credit of up to $6,660 for tax year 2020
Taxpayers who have not yet filed their tax return for fiscal year 2020 may also be eligible for the Earned Income Tax Credit (EITC), the maximum amount of which amounted to $6,660 in that year and which is fully refundable.
To qualify for the EITC, taxpayers' income must be below the following thresholds:
- $50,594 ($56,844 if married filing jointly) for those with three or more qualifying children
- $47,440 ($53,330 if married filing jointly) for people with two qualifying children
- $41,756 ($47,646 if married filing jointly) for those with a qualifying child
- $15,820 ($21,710 if married filing jointly) for individuals without qualifying children
Taxpayers seeking a 2020 tax refund could see their money withheld if they have not filed tax returns for 2021 and 2022, or if they have any tax or child support debts.