$12.5 Million in Unclaimed Tax Refunds: South Carolinians Must Act Fast to Claim Their 2020 Returns
IRS Urges Action: Nearly 12,000 South Carolinians Have Until Friday to Claim $12.5M in Tax Refunds
In South Carolina nearly 12,000 residents are sitting on unclaimed tax refunds from the 2020 tax year amounting to a substantial $12.5 million in unclaimed funds, according to the published article of WBTW. With an average refund of approximately $840 per individual these unfiled returns represent a significant opportunity for eligible taxpayers to reclaim what is rightfully theirs. Nationally, the IRS estimates that about 940,000 people are entitled to $1 billion in refunds for the same tax year, underscoring the widespread nature of this issue. The looming deadline to file and claim these refunds, set for Friday adds urgency to the situation. This deadline, unlike the usual April deadline for old refunds was extended due to the COVID-19 pandemic providing individuals with an extended window of opportunity to rectify their unfiled returns.
IRS spokesperson Rodney Foushee attributes the oversight to the extraordinary circumstances of 2020 suggesting that many individuals may have been preoccupied with pandemic-related concerns and simply forgot to file their returns. Foushee encourages individuals to utilize resources available on IRS.gov, including an interactive tax tool and the “Where’s My Refund” feature to easily check their refund status and ensure they don’t miss out on potential refunds from 2020. For many South Carolinians and individuals nationwide the unclaimed tax refunds from the 2020 tax year present a valuable chance to recoup some financial relief during challenging times. With the deadline fast approaching taxpayers are urged to take advantage of the available resources and file their returns promptly to claim what is rightfully theirs. As the Friday deadline looms, proactive action is key to ensuring that eligible individuals do not miss out on the opportunity to access their refunds and alleviate some of the financial burdens brought about by the pandemic.
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National Alert: $1 Billion in Tax Refunds Unclaimed from 2020, Including $12.5M for South Carolina Residents
Furthermore, the extension of the filing deadline for 2020 tax returns until Friday represents a departure from the usual protocol reflecting the unprecedented circumstances of the COVID-19 pandemic. This extension provides a crucial opportunity for individuals who may have overlooked their tax filing obligations amidst the upheaval of the past year. IRS spokesperson Rodney Foushee emphasizes the accessibility of IRS.gov as a valuable resource for taxpayers, offering guidance and tools to facilitate the process of filing and claiming refunds. As the deadline approaches it serves as a reminder for individuals to take proactive steps to ensure they do not miss out on potential refunds owed to them from the 2020 tax year.
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