The clock is ticking for those who need to file their 2020 tax returns and claim any pending refunds, including the opportunity to collect the three federal stimulus checks distributed during that period. The United States Internal Revenue Service (IRS), which oversees tax collections from workers and businesses, offers a framework for both collecting taxes and issuing refunds, extending up to three years in the past.
This means that in 2024, you still have a window of opportunity to secure any outstanding refunds from 2020. Typically, American taxpayers have a three-year window to file their tax returns with the IRS, which is also the timeframe for claiming any associated refunds. This provision allows individuals who missed filing during this period the chance to still submit their returns.
Tax day extensions and claiming Stimulus Checks
The IRS sets a specific date each year, commonly known as Tax Day, as the cut-off for filing and paying taxes. This date is usually April 15, but it shifts to the next working day if it falls on a weekend. However, the Covid-19 pandemic prompted the IRS to extend this deadline twice in recent years: first in 2020, during the pandemic’s height, and then again in 2021. This extension provided taxpayers with additional time to organize and submit their tax documents.
Consequently, there were two different submission dates for tax documents: the deadline for 2020 returns was pushed to May 17, 2021. This extension means that until May 17, 2024, you still have time to file these returns and claim any related refunds.
This is particularly relevant for individuals who were eligible for the three federal stimulus checks issued by the government but did not receive them due to not filing a tax return. It’s essential to know that you still have the chance to submit your 2020 tax forms and potentially claim these stimulus checks.
In 2020, two rounds of stimulus checks were distributed. The first round offered $1,200 per taxpayer and an additional $600 for each dependent, while the second round provided $600 for each eligible individual. These stimulus packages were part of the economic relief efforts initiated by Donald Trump’s administration.