Deadline nears for Californians to claim $94 million in 2020 tax refunds. Here’s what to do
More than 88,000 California taxpayers have yet to claim their refunds for 2020, and time is running out, the Internal Revenue Service said.
The IRS announced Tuesday in a news release that about 940,000 people across the country have unclaimed refunds due to not filing their 2020 tax returns.
In California, the total potential refund amounts to more than $94 million, according to the agency, with the median potential refund at $835.
Individuals have until May 17 to submit their returns and get their money.
According to the IRS, taxpayers have three years to file and claim their refunds. After three years, the funds become United States Treasury property.
For 2020 taxes, however, the IRS extended the three-year window due to the COVID-19 pandemic.
“People faced extremely unusual situations during the pandemic, which may have led some people to forget about a potential refund on their 2020 tax returns,” said Danny Werfel, IRS commissioner. “... Some people may not realize they may be owed a refund. We encourage people to review their files and start gathering records now, so they don’t run the risk of missing the May deadline.”
Be sure to file recent taxes, too
The IRS is advising people to file returns for 2021 and 2022, as well.
Those who haven’t done so and are seeking a 2020 refund may have their funds held, the IRS said in the release.
“In addition, any refund amount for 2020 will be applied to amounts still owed to the IRS or a state tax agency and may be used to offset unpaid child support or other past due federal debts, such as student loans,” the agency said.
Don’t have your 2020 tax documents?
There are some ways you can get the information you need to file your 2020 tax return, according to the IRS.
The agency recommends you request copies of your tax forms, such as W-2, 1098 or 1099, from your employer or bank.
Taxpayers can also order a free wage and income transcript from the IRS online or file a Form 4506-T with the IRS to request a “wage and income transcript.”
“(P)lan ahead — these written requests can take several weeks; people are strongly urged to try the other options first,” the IRS said.
Deadline for 2023 tax returns are coming up
The deadline to file your 2023 taxes is also coming up soon.
Taxpayers have until April 15 to file their taxes to the IRS, pay any tax owed or request an extension.
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