The deadline to file a 2020 tax refund is May 17.

The last date to file for your 2020 unclaimed refund is just a few days away. More than a million people who haven’t yet filed a 2020 tax return can still receive a refund. It is estimated that there is more than $1 billion in refunds that have not yet been claimed. The deadline to file a 2020 tax return is May 17.

When is the deadline to file a 2020 tax return?

In a recent press release, the IRS said approximately 940,000 taxpayers must file their 2020 tax returns by May 17 to receive a refund. The agency also noted that the average refund could be as much as $932.

There is no penalty for those who do not file their return by the deadline, but the deadline is still important because your refund has a three-year due date after each tax due date. This means taxpayers have three years to file and claim their tax refund.

The original deadline for filing 2020 tax returns was April 15, but was postponed to May 17, 2021 due to the COVID-19 pandemic. In addition to refunds, taxpayers can also claim COVID-related tax credits, such as the Earned Income Tax Credit or the Recovery Rebate Credit.

“By missing a tax return, people stand to lose more than their tax refund withheld or paid in 2020. Estimates do not include tax credits that non-filers may receive,” the IRS says. .

The 2020 EITC was approximately $6,660 for taxpayers with qualifying children. The Recovery Rebate Credit is a refundable credit for people who missed one or more approved stimulus payments during the COVID-19 pandemic.

How to claim a refund in 2020

If you didn’t file a 2020 tax return but are confused about where to start, check out the tools and guidance the IRS has to help you. The first thing you need to do is log into your free IRS online account to access your Wage and Earnings Statements, which contain your tax forms, including Forms W-2, 1098, 1099, and 5498.

You can also visit the IRS Forms and Instructions page for current and prior year tax forms and instructions. Alternatively, you can obtain missing tax forms online through your bank or other financial institution.

The IRS also offers several other resources, such as the Interactive Tax Assistant, to help taxpayers file their taxes.

Here are a few important things to keep in mind before filing your 2020 taxes:

• Your taxes must be up to date. If you didn’t file your 2021 and 2022 taxes, the IRS may hold your refund.
• Your refund may be reduced if you have unpaid tax bills or tax bills from other state agencies. Your 2020 refund may be used to first pay any amount owed to the IRS or to pay unpaid child support or other delinquent federal debt.