Almost a million taxpayers in the United States are potentially owed refunds for the tax year 2020, according to recent data released by the Internal Revenue Service (IRS). As the May 17 deadline approaches for residents in states like North and South Carolina to submit their tax returns, many individuals may still be unaware of the money they’re entitled to.

Unclaimed Refunds Across North and South Carolina

In North Carolina, an estimated 27,500 residents are eligible for refunds averaging $895, totaling over $29 million. Meanwhile, in South Carolina, around 11,900 residents could claim refunds averaging $840, amounting to more than $12 million. These unclaimed refunds highlight a significant amount of money left uncollected, underscoring the importance of taxpayers being aware of their entitlements.

Urgency to File Before the Deadline

IRS Commissioner Danny Werfel emphasized the urgency for taxpayers to file their 2020 tax returns before the looming deadline. He stated that while there’s still time for individuals to claim their refunds, the clock is ticking, and May 17 marks the cutoff date. Failure to file within this timeframe could result in the unclaimed funds reverting to the U.S. Treasury.

Extended Deadline and Special Circumstances

Unlike typical years, the IRS extended the deadline for filing 2020 tax returns to May 17, 2024, in response to the exceptional circumstances brought about by the COVID-19 pandemic. This extension aimed to accommodate individuals who may have faced challenges during the pandemic and inadvertently overlooked their potential refunds. Students, part-time workers, and others may have been among those who missed out on claiming their refunds.

How to Claim Unclaimed Refunds

Taxpayers who believe they are owed a refund for the 2020 tax year are encouraged to file their returns promptly. Current and prior-year tax forms, along with instructions, are readily accessible on the IRS website, providing individuals with the necessary resources to claim their refunds before the deadline expires.

Conclusion: Don’t Miss Out on Your Entitlements

As the May 17 deadline approaches, it’s crucial for taxpayers across North and South Carolina, and indeed the entire nation, to check if they are owed refunds for the 2020 tax year. Failing to file within the stipulated timeframe could mean missing out on significant sums of money rightfully owed to them. By taking proactive steps to file their tax returns, individuals can ensure they receive the refunds they’re entitled to.

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Sources:

• Internal Revenue Service (IRS)
• IRS.gov

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