Los 40 USA
Sign in to commentAPP
spainSPAINchileCHILEcolombiaCOLOMBIAusaUSAmexicoMEXICOlatin usaLATIN USAamericaAMERICA

TAXES

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

The IRS says more than $1 billion in refunds remain unclaimed and the deadline to get it is approaching. You still have a few days to file your 2020 return.

El IRS ha informado que Direct File, la herramienta para presentar impuestos gratis, será permanente y se espera llegue a más estados.
Mykhailo PolenoikGetty Images

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.

READ ALSO: SSI beneficiaries to receive double payments in May

READ ALSO: Will Social Security run out of money?

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:

  • $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

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

  • If you do not have qualifying children: $538
  • If you have one (1) qualifying child: $3,584
  • If you have two (2) qualifying children: $5,920
  • If you have three (3) or more qualifying children: $6,660
Rules