$58M Tax Refund Await Florida’s Claimants – Act Now!

IRS Reminder: $1 Billion in Unclaimed 2020 Refunds Await 940,000 Taxpayers

Florida Residents, Don’t Miss Out on $58.2 Million in Unclaimed Tax Refunds

With tax season in full gear, the Internal Revenue Service (IRS) has issued an important reminder to taxpayers: there are over $1 billion in unclaimed refunds from the 2020 tax year waiting for over 940,000 people who have yet to file their returns. IRS Commissioner Danny Werfel underlined the need for taxpayers to claim their refunds by the May 17 deadline. In Florida alone, an estimated 53,200 households might be entitled $58.2 million in refunds, with an average possible refund of $891. Despite efforts to raise awareness, many taxpayers may have neglected or forgotten about potential refunds because to the peculiar circumstances created by the COVID-19 outbreak. Werfel noted that students, part-time workers, and others may have been especially vulnerable to missing out on refunds. To make it easier to file old tax returns, taxpayers can get the relevant papers from their employers or use IRS-provided online resources. It’s worth noting that taxpayers have three years to receive tax refunds, which means the deadline for the 2020 tax season is fast approaching: May 17, 2024.

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$58M Tax Refund Await Florida’s Claimants – Act Now!(PHOTO: getty images)

IRS Expects Over 128 Million Individual Tax Filings by May 17 Deadline

As the deadline approaches, the IRS anticipates a huge increase in individual tax filings, with more than 71.5 million having received as of March 15. The agency anticipates this figure to exceed 128.7 million by the deadline. While taxpayers are encouraged to file their 2020 tax returns on time, it is also critical to maintain compliance for previous tax years. Taxpayers who have not filed for 2021 or 2022 can still file their 2020 returns, but any owed monies may be withheld until all pending filings are completed. As tax season progresses, individuals are encouraged to take action to secure any unclaimed refunds and avoid missing out on potential financial rewards.

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