Last Call to Claim $1 Billion in 2020 Tax Refunds
The IRS reminded one last time around 1 million people who haven’t filed their tax year 2020 returns that they might be eligible for a refund if they file by the May 17 deadline. The IRS estimates over $1 billion in unclaimed refunds due to non-filing, and there’s no penalty for failure to file if a refund is due, but after three years, refunds won’t be issued. State-specific estimates include Rhode Island with an estimated 2,600 individuals eligible for a median potential refund of $986, Massachusetts with 21,800 individuals eligible for a median potential refund of $975, and Florida with 53,200 individuals eligible for a median potential refund of $891. Many may also be eligible for credits such as the Earned Income Tax Credit (EITC) or the Recovery Rebate Credit.
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