The Internal Revenue Service says that almost 940,000 people across the U.S. have unclaimed refunds for the 2020 tax year. Are you one of them?
Individuals have until May 17 to submit their tax returns for 2020, with an average median refund across the country of $932, according to a statement.
For Connecticut, that number rises to $978. It is estimated that 9,800 Nutmeg State residents have yet to claim their potential refund, with a possible $11,343,600 still up for claiming across the state.
“There’s money remaining on the table for hundreds of thousands of people who haven’t 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.”
Many low- and moderate-income workers may be eligible for Earned Income Tax Credit (EITC) as well, according to the release; as much as $6,600 for taxpayers with qualifying children.
“People faced extremely unusual situations during the pandemic, which may have led some people to forget about a potential refund on their 2020 tax returns,” Werfel said.
Not sure how to get started? There are a few options taxpayers have to require the necessary documents to file their returns, according to the release.:
- Request copies of key documents. Taxpayers can request missing documents like their W-2 or 1099 from their employer, bank or other payers.
- Use Get Transcript Online at IRS.gov. Taxpayers can acquire a free wage and income transcript at IRS.gov via the Get Transcript Online tool. This is likely your best bet for the fastest and easiest option.
- Request a transcript. Taxpayers can also file Form 4506-T with the IRS to request their “wage and income transcript,” according to the release. These written requests, however, can take several weeks.