{"copyright":"","thumbnail":"https://www.wric.com/wp-content/uploads/sites/74/2024/03/GettyImages-1441371670-2-1.jpg?w=724","creator":"Victoria Lucas","siteUrl":"https://wric.com/","siteWideLogoDark":"https://s3.amazonaws.com/cdn.simplefeed.com/nexstar/8News800x800.jpg","smartViewAdsEnabled":true,"link":"https://www.wric.com/news/virginia-news/the-clock-is-ticking-to-claim-federal-income-tax-refunds-from-2020/","siteName":"WRIC - Richmond, VA","siteDescription":"WRIC ABC 8News is the go-to local sources for news in Richmond, Chesterfield, Henrico and throughout Central Virginia. Follow us for weather, local news, Virginia politics and more. Online at wric.com/.","siteLogo":"https://s3.amazonaws.com/cdn.simplefeed.com/nexstar/8News800x800.jpg","description":null,"language":"en","siteWideLogo":"https://s3.amazonaws.com/cdn.simplefeed.com/nexstar/8News800x800.jpg","video":null,"title":"The clock is ticking to claim federal income tax refunds from 2020","pubDate":1711539047000,"content":"

RICHMOND, Va. (WRIC) - Time is running out to claim federal income tax refunds for 2020, as the deadline to file 2020 tax returns is May 17 of this year.

Under federal law, there is a three-year window to claim a refund, and after this window, the money then becomes property of the United States Treasury.

The Internal Revenue Service (IRS) estimates more than $1 billion in tax refunds have been left unclaimed by many across the nation who have not filed their 2020 tax returns.

\"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 IRS Commissioner Danny Werfel. \"People may have just overlooked these, including students, part-time workers and others. 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.\"

The IRS created a state-by-state table which details an estimate of how many people in each state may be entitled to a refund, the median potential refund for each individual and total potential refunds for the state as a whole and this does not include credits.

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According to the breakdown, $28,944,600 in total potential refunds have not been claimed by 25,900 Virginians.

I need to file a 2020 tax return; how do I do that?

Those in need of filing a 2020 tax return have multiple options, according to the IRS:

Request copies of key documents. Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for the years, 2020, 2021 or 2022 can request copies from their employer, bank or other payers.
Use Get Transcript Online at IRS.gov. Taxpayers who are unable to get those missing forms from their employer or other payers can order a free wage and income transcript at IRS.gov using the Get Transcript Online tool. For many taxpayers, this is by far the quickest and easiest option.
Request a transcript. Another option is for people to file Form 4506-T with the IRS to request a \"wage and income transcript.\" A wage and income transcript shows data from information returns received by the IRS, such as Forms W-2, 1099, 1098, Form 5498 and IRA contribution information.

To use the last option, the revenue service says to plan ahead has written request may take several weeks, therefore, officials are strongly urging taxpayers to try the first two options first.

Credits, which are not included in these estimates, are the Recovery Rebate Credit (which may be claimed if one did not receive all or only part of the stimulus payments offered to qualified recipients) along with the Earned Income Tax Credit which was worth as much as $6,660 for taxpayers with qualifying children. Eligible amounts varied from those eligible with no children to three or more qualifying children.

The average median refund amount for 2020 is $932, but for Virginia, the IRS estimates is $914.

For the latest news, weather, sports, and streaming video, head to WRIC ABC 8News.

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