Who can get a tax refund of $932 and how to request it?

The Internal Revenue Service (IRS) has more than $1 billion in unclaimed refunds and the deadline to request them is approaching. These refunds are allotted for tax returns for fiscal year 2020, when the coronavirus pandemic made it extremely difficult for taxpayers to attend to their paperwork.

The deadline was already extended a year, and May 17, 2024 is the last day to request a refund for 2020. The average refund amount is $932. Find out if you are eligible to receive it and how to request the money.

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How to claim the $932 tax refund from the IRS?

This refund corresponds to the year 2020, so in order to claim the money, taxpayers who have not submitted their 2020 tax return must do so before the May 17 deadline. According to the IRS, more than one million people are eligible to receive a refund.

The agency says there is no penalty for not filing taxes if a refund is due; however, a return claiming a refund must be filed within three years of its due date for a refund to be allowed.

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.

In the case of 2020 tax returns, taxpayers would only have had until 2023 to claim their refunds. However, the three-year period for unfiled 2020 returns was extended until May 17, 2024 due to the pandemic.

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Taxpayers can also request other credits

When filing their 2020 tax return, taxpayers can also claim other amounts through tax credits, such as the Earned Income Tax Credit (EITC), which has a maximum amount of $6,660.

To qualify for the EITC, taxpayers’ income must have been below the following income thresholds in tax year 2020:

The maximum amounts of the 2020 credit that can be claimed based on the number of dependents are as follows: