Millions of Americans Could Be Getting Refunds! See If You’re on the IRS List

The pandemic’s consequences are still being felt across the United States, and due to the extraordinary circumstances, some procedures that stalled in 2020 are still underway.

Filing a tax return for 2020 was one of the usual tasks that many Americans neglected, but the Internal Revenue Service (IRS) is now offering those who neglected this step the opportunity to make amends.

Tax returns are not required for everyone. The IRS has established annual income thresholds below which filing taxes is not required. However, since certain tax credits, like the Earned Income Tax Credit (EITC), are refundable, it is usually a good idea to do so even if you are not required to.

The only way to get the money you’re due is to file. Many people decided not to file since they lost their jobs at the start of 2020, leaving over $6,000 in their own returns on the table. But don’t panic, there is still time to file and it will be for a short bit longer.

What conditions must be met in order to get your IRS tax refund for the Earned Income Tax Credit (EITC)?

Taxpayers must fulfill several requirements in order to get their EITC refunds.

These consist of:

Possess dependent children: Families with three eligible dependent children are eligible to receive up to $6,600. The sum will be less if you have less than three dependents.

Be under the income limits: Households earning less than $50,594 per year are the program’s primary target. Smaller sums are available to people with greater salaries or fewer dependents, nevertheless.

The return is still pending: This incentive is only available to taxpayers who failed to file their tax returns on time. You have until January 14, 2025, to file your return, if you haven’t already.

Although the maximum return for those who fulfill all the conditions is $6,600, the average return is substantially lower, hovering at $932 per taxpayer.

Even though it’s difficult to meet all the standards, you should still try to get at least some of the money even if you didn’t file on time.

How can you contact the IRS to obtain this refund?

This return is quite simple to obtain, and it shouldn’t take long to determine your eligibility and whether filing would be advantageous. It will be simple to complete the necessary papers on your own because the IRS provides them on its website and in local offices.

If you are unsure about the paperwork, you can get assistance from a tax expert. All you have to do is submit a complete 2020 tax return by January 14, 2025, making sure to include all income and correct information about eligible dependents.

Please make sure that all of the information is accurate and full before filing, since there are no further extensions available for this credit and only those who have all the necessary paperwork will be taken into consideration.

If you don’t, you will have missed your deadline. To make sure your filing is accurate, tax experts are a fantastic resource.

What should you do if you’re not eligible?

You may still be entitled for a lower refund even if you do not meet the maximum amount, so you should still file if you meet any of the requirements. Both your income and the number of dependent children you have are significant factors.

However, only individuals who fulfill part of the requirements are eligible for returns. Not filing is the only way to guarantee that you won’t get any money.