Can I still claim my tax refund from 2020 in 2024?
The IRS generally gives taxpayers three years to file a tax return and claim a refund. Those who failed to file a 2020 tax return may still have time.
While the covid virus appeared in 2019, the mass disruption it caused struck in 2020 and its aftermath lingered for some time after the fact. The effects of the pandemic sparked a massive government effort to keep the economy afloat including three rounds of Economic Impact Payments, better known as stimulus checks.
These direct payments to American taxpayers were issued by the Internal Revenue Service as an advanced tax rebate for the 2020 and 2021 fiscal tax years. The IRS generally gives taxpayers three years to file a tax return and claim a refund which means that those who failed to file for either of those years may still be eligible to do so.
Can I still claim my tax refund from 2020 in 2024?
Typically, the US Tax Day, when American tax returns are due falls on or near 15 April. However, because of the continued disruptions caused by the covid-19 virus, the IRS postponed the annual tax filing deadline for a second time in 2021 to give taxpayers more time in light of the ongoing disruptions to daily life.
2020 tax returns were thus due on 17 May 2021, which means that any Americans that are still due a tax refund from 2020 may still be able to claim it this year on or before that date.
Americans may be able to claim missed stimulus checks from 2020
For the fiscal 2020 year, the US government issued two rounds of stimulus checks. The first in April 2020 for up to $1,200 going to eligible adults and $500 eligible dependents, then a second for up to $600 sent to eligible adults and dependents. The IRS automatically issued the payments based on income data provided on 2019 tax returns.
The IRS sent the full amount of the payments to individual taxpayers who earned less than $75,000 in the 2019 tax year. The income cap doubled for married couples who filed jointly. The stimulus check amounts available to Americans tapered off the higher a taxpayers income was until they became ineligible for the financial boost.
Those who didn’t receive the direct payments could claim the funds through the Recovery Rebate Credit on their 2020 tax returns.
The US tax agency is also advising Americans that didn’t receive the third EIP in 2021 or the expanded Child Tax Credit for that year, that if eligible, it’s also not too late to claim both of them.