Deadline Friday for Illinois taxpayers to claim $40M in unclaimed tax refunds
About 36,200 Illinois residents have unclaimed tax refunds outstanding from tax year 2020, the Internal Revenue Service estimates, and those who are owed money need to file by Friday to get it.
Typically the deadline would have been earlier, but it was extended about a month due to the coronavirus pandemic. More than $1 billion in refunds are unclaimed across the U.S. because people have not filed their 2020 returns yet, according to the IRS.
“People faced extremely unusual situations during the pandemic, which may have led some people to forget about a potential refund on their 2020 tax returns,” IRS Commissioner Danny Werfel said in a March 25 press release. “People may have just overlooked these, including students, part-time workers and others. Some people may not realize they may be owed a refund. We encourage people to review their files and start gathering records now, so they don’t run the risk of missing the May deadline.”
People who have not filed their tax year 2020 return yet must do so by May 17 so their money does not become property of the U.S. Treasury.
The national estimated median refund amount for 2020 returns that still need to be filed is $932, not counting credits for which taxpayers may be eligible. Illinois’ median return is slightly higher, at $956.
The total value of potential refunds in Illinois is $40,608,000, according to the IRS. Those who are eligible for an Earned Income Tax Credit could receive sums in addition to a refund on paid taxes.
If you’re missing documents you need to file your 2020 tax return, the IRS recommends you:
Request copies of missing forms W-2, 1098, 1099 or 5498 from your employer or bank, or
Order a free wage and income transcript online from the IRS, or
File Form 4506-T to request a wage and income transcript. The IRS website says this form may take several weeks to process and recommends taxpayers try other options first.
Where is your 2023 refund?
The deadline to file 2023 tax returns was April 18. Those who have filed their federal income tax returns and are due a refund can typically expect to receive it within 21 days from filing, the IRS reports, though some refunds take longer.
You can use the online Where’s My Refund tool to check the status of your federal refund 24 hours after filing your return online or at least four weeks after mailing a return. To use the IRS’ tool, you’ll need your Social Security number or individual taxpayer identification number, your filing status and the exact refund amount on your return.
The Illinois Department of Revenue does not give a guaranteed timeline for when taxpayers can expect their state refunds, but does offer an online tool to check the status of your income tax refund.
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This story was originally published April 10, 2024 at 10:52 AM.
