The IRS Just Became 1 Billion Dollars Richer

In April, the IRS warned nearly 1 million taxpayers that they may be leaving more than $1 billion on the table because they never filed a 2020 return.

Taxpayers typically have three years to file and claim tax refunds. The typical April 15th deadline to claim old refunds was postponed to May 17, 2024 due to the general tax filing extension period that was allowed during the Covid epidemic of 2020.

There is still time for taxpayers that haven’t filed for 2021 or 2022 and their refunds are currently withheld. Taxpayers can request their W-2, 1098, 1099 or 5498 from their employers or banks.

Read: How to begin filing unfiled tax returns

A free wage and income transcript can be ordered at IRS.gov using the “Get Transcript Online” tool for people who need to submit a return.

Sources

“How to Get IRS Transcripts Online” – EA Tax Resolutions

 

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