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Refunds

$1.5 Billion in Tax Refunds Will Be Lost on July 15, 2020

Mark Steber Chief Tax Information Officer Published On July 05, 2020

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Did you file a federal return in 2016? If not, you could be at risk of forfeiting your share of more than $1.5 billion in possible refund dollars. $1.5 billion is a LOT of money and the IRS is urging taxpayers who have not yet claimed their 2016 refund to do so before July 15, 2020, without penalty. While there isn’t penalty for filing a late return when a refund is involved, you are subject to an assessed a penalty if you owe taxes and have not paid them.

Did you file a federal return in 2016? If not, you could be at risk of forfeiting your share of more than $1.5 billion in possible refund dollars. $1.5 billion is a LOT of money and the IRS is urging taxpayers who have not yet claimed their 2016 refund to do so before July 15, 2020, without penalty. While there isn’t penalty for filing a late return when a refund is involved, you are subject to an assessed a penalty if you owe taxes and have not paid them.

 

The IRS estimates that 1.4 million taxpayers are eligible for a total of more than $1.5 billion from the 2016 tax year and the deadline for filing and claiming your portion of that money is July 15, 2020.

 

According to the IRS,  if you did not file a 2016 tax return, you could be leaving an average of over $861 on the table. While several important tax credits and deductions available in 2016 have since expired, taxpayers who file a 2016 return now are still allowed to claim them.

 

Examples of 2016 tax provisions that are still available to be claimed, provided the appropriate return is filed by July 15, 2020, include:

 

 

It’s important to note that this list of potential tax benefits is not only for those who did not file in 2016. Taxpayers who feel they qualified for deductions or credits that were not claimed on their original return can file an amended 2016 tax return before July 15, 2020.

 

Be sure to speak with a knowledgeable tax preparer to see if this may be the right approach for you. This year, you have even more options than ever before to file taxes with Jackson Hewitt:

  • If you feel uncomfortable sitting in an office, you can securely file through Document Drop Off
  • Tax Pro From Home allows you to work with a Jackson Hewitt Tax Pro from the comfort of your home
  • If you are fine with heading out, our offices are open, and available for appointments

 

Ready to learn more? Visit JacksonHewitt.com and schedule an appointment with a trusted tax pro today.

About the Author

Mark Steber is Chief Tax Information Officer, responsible for key initiatives that support overall tax service delivery and quality assurance. Mark also serves as a Jackson Hewitt liaison with the Internal Revenue Service, states, and other government authorities. With over 30 years of tax experience and deep knowledge of the federal and state tax codes, Mark is widely referenced as an expert on consumer income tax issues, especially electronic-tax and data-protection issues.

View Mark's LinkedIn Profile Jackson Hewitt Editorial Policy

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