IRS Urges Americans to Act Before May 17 Deadline and Potentially Access $6,660 Earned Income Credit

According to the report of PIX11, The IRS recently revealed that there about $1 billion in unclaimed tax refunds from 2020. In New York alone people are missing out on nearly $61 million of this money. Nearly 940,000 people across the country still have gotten their refunds and time is running out. The deadline to claim these refunds is May 17. IRS Commissioner Danny Werfel stressed the importance of acting quickly saying there money remaining on the table for hundreds of thousands of people who haven filed 2020 tax returns.

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IRS Urges Prompt Action as $61 Million in Unclaimed Tax Refunds Remain in New York Alone (PHOTO: PIX11)

The average refund for 2020 is around $932 which could really help people financially. But it not just about the refund some people might also be eligible for the Earned Income Credit. This credit could be worth up to $6,660 for those who qualify and have children. If people do not  file their taxes they risk missing out on both the refund and the EITC which could be a big help for low and moderate income workers and their families. Its important to make sure you do not miss out on the money you owed. This situation also highlights the importance of staying informed about taxes and deadlines especially with everything going on because of the COVID-19 pandemic. By filing your taxes on time you can make sure you get the refunds and credits you deserve helping to secure your financial future.

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