Last Call for 2020 Stimulus Checks: $1.5 billion unclaimed
In a surprising reveal, it turns out that the IRS might owe you money from your 2020 tax return, including the unclaimed 2020 Recovery Rebate Credit. With the clock ticking, the final date to secure your rightful 2020 tax refunds is swiftly approaching. The IRS will soon announce the total of unclaimed refunds from the past year, reminiscent of the staggering $1.5 billion left unclaimed in the previous tax season, with an average refund of $893 per person.
Taxpayers who haven’t filed their taxes for 2021 have until May 17, 2024, to claim any 2020 tax refunds the IRS holds. After a three-year holding period, unclaimed refunds transition to the US Treasury, making it critical to act promptly. For those unsure of how to proceed, filing your prior-year tax return by paper and mailing it to the IRS is the necessary step to claiming what’s yours, including any missed Recovery Rebate Credits from the stimulus checks distributed in 2020 and 2021.
If you were among those who missed receiving full stimulus payments or didn’t file your 2020 return, you’ve got until May 17, 2024, to file and claim your due money. And if 2021’s Economic Impact Payment slipped through your fingers, you have until April 15, 2025, to correct the oversight.
While the IRS doesn’t offer a straightforward way to check for unclaimed refunds, filing your overdue tax returns and claiming any eligible refunds or credits ensures you don’t leave money on the table. This deadline serves as a crucial reminder to take action and secure every dollar you’re owed from the IRS.
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