Davidson News

Davidson News

Idahoans Urged to Claim $4.4M in Unclaimed Tax Refunds Before Deadline

Idaho residents have until May 17 to seize their share of $4.4 million in unclaimed tax refunds, as announced by the IRS. With approximately 4,500 Idahoans yet to file their 2020 federal tax returns, each person stands to reclaim an average refund of $761.

Idahoans Urged to Claim $4.4M in Unclaimed Tax Refunds Before Deadline
Idahoans Urged to Claim $4.4M in Unclaimed Tax Refunds Before Deadline

Under federal law, taxpayers have a three-year window to file and claim tax refunds, with the deadline for 2020 returns fast approaching. After May 17, any unclaimed funds will be absorbed into the United States Treasury.

IRS Commissioner Danny Werfel emphasized the urgency, stating, “There’s money remaining on the table for hundreds of thousands of people who haven’t filed 2020 tax returns.”

To claim their 2020 Idaho refund, individuals must file a tax return for that year. Despite the elapsed time, necessary documents can still be obtained through various means:

  1. Request Copies of Key Documents: Missing forms such as W-2, 1098, 1099, or 5498 can be obtained from employers or banks.
  2. Use Get Transcript Online: Taxpayers can order a free wage and income transcript at IRS.gov if documents are unavailable from employers or banks.
  3. Request a Transcript: Filing Form 4506-T with the IRS allows taxpayers to request a “wage and income transcript” containing essential information for filing tax returns.

Additionally, Idaho residents can seek assistance from the Boise State Volunteer Income Tax Assistance Program, catering to individuals earning $64,000 or less annually. IRS-certified tax preparers offer free aid for current, prior, or amended tax preparation, with in-person and virtual options available.

Many Idahoans may have overlooked their 2020 tax returns amidst the chaos of the COVID-19 pandemic. Commissioner Werfel noted, “People faced extremely unusual situations during the pandemic, which may have led some people to forget about a potential refund.”

Furthermore, taxpayers should check for unclaimed COVID-era stimulus payments, eligible for the Recovery Rebate Credit on their 2020 return. Stimulus payments of up to $1,200 per eligible adult and $500 per qualifying dependent were issued between March and April 2020. Additional payments of up to $600 and $1,400 were distributed in December 2020 and between March and April 2021, respectively.

Idaho residents can verify their stimulus payments on the IRS website by creating an online account.

With the May 17 deadline looming, individuals are encouraged to review their records promptly to avoid missing out on potential refunds and credits owed to them.

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