Over 24,000 New Jersey residents could miss out on $27.4 million in tax refunds if they don’t file by May 17, according to the IRS.
IRS Urges Nearly 939,000 Americans to Claim Over $1 Billion in Unclaimed Refunds by May 17 Deadline
Nearly 939,000 Americans might leave over $1 billion unclaimed. In New Jersey, 24,400 people could get about $920 each if they file in time. The IRS stresses the importance of meeting this deadline to claim these funds, according to the report of North Jersey.
The typical deadline for old refund claims is April 15, but it was extended to May 17 this year due to the pandemic. This extension gives people three years to file 2020 returns. Many unclaimed refunds are from the Earned Income Tax Credit (EITC) and the Recovery Rebate Credit for missed stimulus payments.
The IRS highlighted that many who don’t usually file tax returns might have become eligible for stimulus payments in 2020 and 2021 but haven’t claimed them yet. Unclaimed refunds will go to the U.S. Treasury after May 17.
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IRS Urges Students and Part-Time Workers to Claim Unclaimed Refunds Before May 17 Deadline
IRS Commissioner Dan Werfel noted that pandemic-related disruptions might have caused people to forget about their refunds. He encouraged reviewing records to avoid missing the deadline especially for groups like students and part-time workers who might be unaware.
For missing documents like W-2s or 1099s, the IRS advises contacting employers or financial institutions. Taxpayers can also use the IRS online tool or submit Form 4506-T to request a wage and income transcript. The IRS can be reached at (800) TAX-FORM (800-829-3676).
With the deadline nearing, the IRS urges everyone eligible to file promptly to claim their due refunds.
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