What to know about an upcoming tax return deadline

COLUMBUS, Ohio ( WCMH ) — Although this year’s tax season is over, there’s an important deadline on the horizon for taxpayers.

“If you’re due a refund, you don’t have forever to go get that money from the IRS,” said Mark Steber, Chief Tax Information Officer for Jackson Hewitt Tax Services. “2020 tax refunds have to be applied for and collected by May 17.”

Steber said there is a three-year window for taxpayers to file their returns and claim their refunds. So, taxpayers who have not filed a return for the 2020 tax year have until Friday, May 17 to do so, or you won’t get the refund that might be waiting for you. And Steber said there is a lot of money waiting for a lot of people.

“There’s one million people that have not claimed $1 billion of ‘waiting for you’ tax refunds from 2020,” Steber said.

According to the IRS, there are an estimated 31,400 Ohioans who have not filed a return to receive nearly $32,939,900, with a potential refund of $909 each.

“I’m sad to tell you, this is my 40th year in tax season business, and that’s not the sad part,” said Steber. “The sad part is, we see this horrible statistic every year.”

Why is that? Steber said most people don’t realize, or don’t think, they qualify for a refund.

“And they went on TikTok, got bad advice, ‘If you didn’t earn more than say, $15,000, you don’t have to file.’ Well, the key is you don’t have to file, but you do need to file to get that money back because it doesn’t automatically make its way to you,” Steber said.

And if you’re unsure of how and where to start, Steber suggested seeking the help of a licensed, qualified tax professional.

“They can help you navigate it. They can get you the lowest tax liability, the biggest refund, and even some money you didn’t know you were due. One million of you are out there,” Steber said.

It’s also important to note, Steber said that by missing out on filing a 2020 tax return, you stand to lose more than just a refund. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit, and for 2020, during the pandemic, that credit was worth as much as $6,600 for taxpayers with qualifying children.

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