GREENSBORO, N.C. — There's 1 Billion dollars up for grabs across the U.S. 27,000+ North Carolinians are due money. All you have to do to get it is finish your tax return from 2020.
"They didn't file, they forgot, COVID happened. If they go ahead and file, at least they're complying with the IRS and state, and if they do that and they're expecting a refund then great, claim it," said Laura Hernandez, Liberty Tax Prep.
The IRS has a state-by-state estimate for folks due a refund from their 2020 tax returns. In North Carolina, the average refund is $895. A total of $29 million in refunds in our state alone.
The IRS is giving taxpayers until May 17, 2024, to do their 2020 taxes. If you don't do your return by then, whatever refund you were owed...
"If they don't file by May 17, then it's officially gone, it's lost money for them," said Hernandez.
And if you owe money the IRS will eventually track you down. It's better to do it before more interest and fines kick in.
Here is part of the IRS help site:
Need to file a 2020 tax return? Several options to get key documents
Although it’s been a few years since 2020, the IRS reminds taxpayers there are ways they can still gather the information they need to file this tax return. But people should start early to make sure they have enough time to file before the May deadline for 2020 refunds. Here are some options:
- 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. Taxpayers can use the information from the transcript to file their tax returns. But plan ahead – these written requests can take several weeks; people are strongly urged to try the other options first.