Rhode Islanders Alerted to $2.98M Unclaimed Refunds and Payments from 2020 Taxes
U.S. Senator Jack Reed: Rhode Islanders Have Until May 17 to Claim Unclaimed Tax Refunds and Payments
In a report from East Providence, Rhode Island it’s revealed that approximately 2,600 residents of the state who didn’t file federal tax returns in 2020 still have the opportunity to claim refunds and Economic Impact Payments, according to the published article of WPRI. This information comes from U.S. Senator Jack Reed who highlighted that nearly $1 billion in refunds and rebates from the 2020 tax season remain unclaimed nationwide with an estimated $2.98 million owed specifically to Rhode Islanders. However, time is of the essence as taxpayers have until May 17, 2021, to file and claim these funds as per the IRS regulations.
The COVID-19 pandemic led to the postponement of the 2020 tax deadline to May 17, 2021 thereby extending the window for individuals to file their returns and claim any owed refunds. Moreover, the IRS has emphasized that there will be no penalties for late filings meaning taxpayers can still receive a full return even if they haven’t filed yet. This leniency aims to ensure that individuals who may have faced challenges or delays due to the pandemic can still access the refunds they’re entitled to. As the deadline approaches, officials urge eligible Rhode Islanders to take advantage of this opportunity and ensure they receive the funds owed to them before they become property of the U.S. Treasury.
Deadline Looms: Rhode Islanders Encouraged to Claim Unclaimed Tax Refunds for Vital Financial Relief
Furthermore, the IRS has underscored the importance of timely action reminding taxpayers that after the May 17 deadline any unclaimed funds will revert to the U.S. Treasury. This means that individuals who miss the deadline risk forfeiting their right to these refunds and Economic Impact Payments. Given the significant sum owed to Rhode Islanders, officials are urging eligible residents to check their eligibility and file their returns promptly to avoid missing out on these funds. With the deadline fast approaching, accessing these refunds can provide crucial financial relief to individuals and families impacted by the economic challenges brought on by the pandemic.