$1 Billion in Tax Refunds Expiring on May 17th, 2024

The Internal Revenue Service is reminding the 1 million people who did not file their 2020 tax returns that they may be eligible for a refund if they file by the May 17th, 2024 deadline. According to the IRS there may be more than $1 billion in refunds that have not been claimed because people have not yet filed their 2020 tax returns. In Georgia alone, there are an estimated 36,400 people who may be due a total of $39,175,600.

A return claiming a refund must be filed within three years of its due date for a refund to be allowed; and there is no penalty to file if a refund is due. Note that because the 2020 tax deadline was moved to May 17th due to COVID, the three-year window to file a 2020 tax return, to claim a refund, is May 17th 2024.

The IRS is also reminding people that, along with possibly recovering a refund of taxes, filing now may recover eligible credits such as the Earned Income Tax Credit, which was worth up to $6,600 for taxpayers with low and moderate incomes and qualifying children; and the Recovery Rebate Credit which is refundable to individuals who did not receive one or more of the stimulus payments which were distributed in 2020 and 2021.
Taxpayers who are unsure if they are required to file a return can visit the applicable page of the IRS website here.

And, as always Hoffman and Associates tax team is here to help with any questions you may have about this or any other tax need. You can reach our Tax Manager, Bobby Hoffman here, or any one of our team members at 404-255-7400