Tax refund of $900: Only a few days left to claim it

The Internal Revenue Service estimates that more than $1 billion in refunds remain unclaimed and the deadline to request them is approaching.

The agency has reported that around one million people have unclaimed refunds from tax year 2020. The average unpaid refund for that year is $932.

Only a few days left to be able to claim $900 from the IRS

In order to claim your money, the IRS has indicated that taxpayers must file their 2020 tax return within the next few days, as the deadline to do so is May 17.

Originally, the 2020 tax returns would have needed to be filed in 2023 for filers to claim their refunds. However, the three-year grace period given for the returns of that year that were not filed was extended until May 17, 2024 due to the COVID-19 pandemic.

The IRS states that there is no penalty for not filing taxes if a refund is due.

After the expiration of the three-year period, the IRS refund statute prevents the issuance of a refund check and the application of any credit. That means the refunds will expire and will then be transferred to the U.S. Treasury.

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Taxpayers can also claim up to $6,600 of the EITC

If they submit before the deadline when filing their 2020 tax return, taxpayers can also claim the Earned Income Tax Credit (EITC).

To qualify for the EITC, taxpayers’ income must fall below the following thresholds:

The maximum amounts of the 2020 credit that can be claimed are as follows: