Pennsylvania residents, listen up! The IRS has some potentially good news for you. You could be entitled to an average refund of $1,031. But here’s the catch: you need to act fast because the deadline to claim these refunds for those who didn’t file a 2020 tax return is just around the corner, ending on May 17.
According to the IRS, over 38,000 Pennsylvania residents are eligible for refunds totaling approximately $43.2 million for their 2020 taxes. While this sounds like a lot of money, it’s just a fraction of the estimated $1 billion in unclaimed refunds nationwide.
Typically, you have three years from the due date to file for a refund. In normal circumstances, that would have been April 15. However, due to the COVID-19 pandemic, the deadline was extended to May 17, giving you a few extra days to file your 2020 tax return and claim your refund.
Don’t worry about any penalties for claiming a refund late. There aren’t any!
The average refund amount in Pennsylvania is $1,031, but some individuals might be eligible for even more, especially if they qualify for credits like the Earned Income Tax Credit (EITC) or the Recovery Rebate Credit.
Now, getting all the necessary documents and forms together might take some time, but there are several options to help you out:
1. Request copies of key documents from your employers, banks, or other payers if you’re missing Forms W-2, 1098, 1099, or 5498 for the years 2020, 2021, or 2022.
2. Use the Get Transcript Online tool on IRS.gov to quickly order a free wage and income transcript.
3. File Form 4506-T, Request for Transcript of Tax Return, with the IRS to request a “wage and income transcript,” although this option may take several weeks.
4. Access current and prior years’ tax forms and instructions on the IRS.gov Forms, Instructions & Publications page or by calling toll-free 800-TAX-FORM (800-829-3676).
If you haven’t filed a federal income tax return for 2020 yet, don’t worry. The IRS has you covered with various tools and resources on IRS.gov, including the Interactive Tax Assistant (ITA) and information on what to do if you haven’t filed your return. Additionally, qualified taxpayers can get free tax preparation assistance through programs like the Volunteer Income Tax Assistance and the Tax Counseling for the Elderly programs.