Deadline looms for taxpayers to get share of $29M from IRS

Time is ticking for thousands of North Carolinians to claim their part of a $29 million fund from the IRS.

940,000 people across the country have unclaimed refunds for the 2020 tax year — refunds which were postponed due to the COVID-19 pandemic. There are only a few days left for taxpayers to get any money owed before it’s too late.

By law, taxpayers typically have three years to file and claim tax refunds, the IRS says, or else it will go to the U.S. Treasury. Due to the pandemic, that window was extended to May 17, 2024.

“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,” IRS Commissioner Danny said in a statement. “People may have just overlooked these, including students, parttime 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.”

According to the IRS, there is an estimated amount of $29,304,100 in potential refunds for about 27,500 North Carolina taxpayers — an average

amount of $895 per person.

HOW TO FILE A 2020 TAX RETURN

If you have yet to file a 2020 tax return, here are some options from the IRS to make sure you have everything you need:

Request copies of key documents, including Forms W-2, 1098, 1099 or 5498 from employer, bank or other payers.

Use IRS.gov to get a free wage and income transcript with the Get Transcript Online tool if

you are unable to get copies of tax documents from your employer or bank.

File a Form 4506-T to get a wage and income transcript which shows information from returns received by the IRS, like Forms W-2, 1099, 1098, Form 5498 and IRA contribution information. You can find more information about the deadline for filing a 2020 tax return online at irs.gov.

Chyna Blackmon: @chynablackmon