Iowa Urges Timely Tax Filing: Thousands Risk Missing Out on Refunds
$11 Million of Iowans Unclaimed in Tax Refund Left on the Table as Deadline Looms. (PHOTO: KGAN)
Iowa Urges Taxpayers to File as Deadline Nears, $11 Million in Tax Refunds Unclaimed
According to cbs2, as the tax deadline approaches Iowa officials are urging residents to file their 2020 federal tax refund by April 15th. According to the IRS, approximately 11,000 Iowans have yet to file potentially leaving nearly $11 million in refunds untouched. Christopher Miller, an IRS spokesman for Iowa highlighted the importance of timely filing emphasizing that tax refunds are typically processed within 21 days for e-filed returns with direct deposit. However, delays may occur due to issues such as identity verification or audits. Dena Struck, owner of Freedom Tax Service advised taxpayers to be proactive in resolving any discrepancies to expedite the tax refund process. Despite income levels, experts recommend filing taxes to potentially access refunds and credits like the Earned Income Tax Credit.
READ ALSO: $20M Tax Credit – American Battery Tech In US DOE Secure Tax!
Iowans Urged to File 2020 Tax Refund as $1 Billion in Returns Await Nationwide
With the tax deadline looming, Iowa officials stress the urgency for residents to file their 2020 tax refund before the May 17th deadline. The IRS reports that across the country approximately $1 billion in refunds for the 2020 tax year remains unclaimed. To ensure timely processing taxpayers are encouraged to file electronically as it is faster and safer than paper filing. Christopher Miller, an IRS representative underscored the limited three-year window for claiming old refunds highlighting the importance of acting promptly. Despite not meeting the filing requirement, individuals who had taxes withheld by their employers may still be eligible for refunds and various tax credits such as the Earned Income Tax Credit.
READ ALSO: Child Tax Credit – Pritzker Proposes Innovative State In Budget Plan!
