The Internal Revenue Service (IRS) of the United States has announced new attorney refunds that could help thousands of people who have not yet received certain tax payments.
This incentive is for people who did not finish their tax returns for the 2020 tax year. They can get up to $6,600 back in refunds. People who meet certain criteria, like having qualifying children who depend on them, can get these refunds.
The IRS handles the refunds, which can be very helpful for families who did not get all of their money back at the time of the tax return. Before January 14, 2025, the last day to apply for this refund.
This gives people who missed the chance at the time an extra year to do so. The help is meant to help with basic needs, and the amounts depend on how many qualifying dependents the person has.
In this situation, it is important for taxpayers to know what they need to do to get this benefit and what changes the IRS may make in 2025 about new tax refunds. Without a doubt, this kind of financial help can be very important for a lot of families in the US.
IRS Tax Refunds of $6,600
The IRS is in charge of handling tax refunds for 2020. Each taxpayer will get an average of $932 back. While some families may have to pay as much as $6,600, the payments can be much higher.
In order for the amount to reach this level, you must meet certain income requirements and have children who qualify. For instance, families with three or more children who qualify could get the most, which is $6,600.
It also depends on how much money the family makes. This benefit is available to families making less than $50,594 a year and having three qualifying children.
To get this refund, you must file your tax return correctly by January 14, 2025. This is because the IRS will only accept claims made within 4 years of the tax due date, which for the 2020 tax year is April 15, 2021.
Many families will still have time to take advantage of this chance thanks to the extension. Now is the time to get this refund if you forgot to do so at the time.
Will we have new IRS Tax Refunds in 2025?
As for IRS refunds in 2025, it has not been decided yet if there will be extensions or new chances like there were in 2024.
But it is likely that the Earned Income Tax Credit (EITC) and other similar benefits will still be available. Each year, the income limits and the number of children who can get the most money will be changed.
This means that the IRS will probably keep focusing on these attorney-based ways to help low-income families.
As always, it is important to know about IRS changes and deadlines, especially if you have children living with you. In the future, child benefits may still play a big role in tax returns.
Do not forget to look over the deadlines and requirements for eligibility to make sure you get the most out of the benefit.
To sum up, the IRS refunds for tax year 2025 are a great chance for people who have never claimed their refund before, especially if they meet the requirements for the Earned Income Tax Credit (EITC). A lot of families in the United States could use extra money to get by with this extension.