The IRS has started a program to help people who forgot to claim certain benefits for the 2020 tax year.
People who are eligible, especially families with children who depend on them, can get refunds of up to $6,600. This project extends the deadline for filing and gives those who qualify a lot of money to help them.
Who is eligible for the refund?
People who either did not file their 2020 taxes or did not claim important benefits like the Earned Income Tax Credit (EITC) will get these refunds.
Taxpayers must meet certain requirements in order to be eligible.
Families with incomes below $50,594 can get a refund, and families with three or more children who depend on them can get the biggest refund. To avoid delays, returns must be filed by January 14, 2025, and they must be filled out correctly.
Refunds are usually around $932, but people who meet all the requirements could get the full $6,600, which would be a huge financial help.
The IRS lets people ask for refunds up to four years after the tax was due. This means that the last day to file for 2020 is April 15, 2025.
However, if you file by January 14, 2025, the process will go more quickly. Those who qualify need to act quickly because this program only gives you a short time to get back benefits you missed.
To get the biggest refund possible, taxpayers should carefully read the income requirements and make sure that all qualifying dependents are listed on their tax return.
Correctly filing is very important because mistakes can cause refunds to be lessened or delays. Getting help from tax experts or using free IRS resources can make the process easier for families and help them get the benefits they are entitled to.
In the future, it is not clear what refund programs will be available in 2025, but programs like the Earned Income Tax Credit (EITC) will likely continue to help families with low and moderate incomes.
Income limits and eligibility requirements are likely to change every year, so it is important to stay up to date on IRS news so you can take advantage of future opportunities.
