$29 Million Unclaimed Tax Refund Crisis Hits North Carolina Amidst COVID-19 Stimulus Fund Delays

North Carolina Has Over $29 Million in Unclaimed Federal Tax Refunds

175,000 People in North Carolina Are Entitled to Unclaimed COVID-19 Stimulus Funds

In a recent article published by QCity Metro, the IRS reports that over 27,500 people have not yet filed their 2020 federal tax returns, resulting in over $29 million in unclaimed refunds as the deadline for North Carolina residents to receive their federal tax refunds draws near. With an average refund of $932 for 2020, this amount that has gone unclaimed highlights a big chance for qualified residents to get their money back. Moreover, the IRS statement states that around 175,000 qualified North Carolinians are still awaiting the filing of their COVID-era Recovery Rebate Credits for 2020 and 2021 also referred to as stimulus payments.

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$29 Million Unclaimed Tax Refund Crisis Hits North Carolina Amidst COVID-19 Stimulus Fund Delays
(PHOTO: Money | HowStuffWorks)

The IRS reassures taxpayers that there are no penalties for filing federal tax returns beyond the deadline

Taxpayers who may have missed the deadline are reassured by the IRS’s emphasis that there is no penalty for submitting late when claiming a refund on a late-filed tax return. North Carolina citizens are advised to move quickly as the deadline for receiving any unclaimed federal refunds for 2020 is May 17. To make sure they don’t lose out on any possible relief monies, taxpayers are also urged to open an IRS Online Account and verify if they have received any COVID-era Economic Impact Payments.

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