Deadline Alert: IRS Refund Applications Open Until Jan 14 — Are You Eligible?

You have until January 14 to fill out a new IRS refund application: The IRS has good news for you if you forgot to file your 2020 tax return. You can now get returns for some credits, like the Earned Income Tax Credit (EITC) and the Recovery Rebate Credit, but only for a short time. But you have until January 14, 2025, to send in your application.

This extension is a lifeline for taxpayers who are qualified but may have forgotten to file their taxes. If you don’t get these payments, you could lose thousands of dollars that could make your financial situation a lot better. Let’s talk about what you can do to make the most of this chance and make sure you don’t miss the limit.

New IRS Refund Applications Open Until January 14

Details	Information
Deadline	January 14, 2025
Eligible Refunds	Earned Income Tax Credit (EITC), Recovery Rebate Credit
Maximum EITC Amount	Up to $6,600 (for families with 3+ children)
Who Should Apply	Low- to moderate-income workers, families, and individuals who missed filing their 2020 tax return
How to Apply	File a 2020 tax return electronically or via mail
Required Documentation	W-2s, 1099s, proof of dependents, stimulus payment records
Official IRS Resource	IRS Refund Eligibility Guidelines

The IRS has extended the deadline for 2020 refund claims. This is a great chance for people to get back credits they missed, such as the Earned Income Tax Credit and the Recovery Rebate Credit. You need to act before January 14, 2025, if you want these refunds to help you out financially.

Get all of your paperwork together, file your tax return, and keep an eye on the state of your refund.

Why Is This Important?

People often don’t get their tax returns because they don’t know about them or because they didn’t owe taxes and thought they didn’t need to file. Sometimes you can get money back like the EITC and Recovery Rebate Credit, but you have to file a tax return to get them.

The IRS thinks that millions of dollars are lost every year because people don’t file their taxes. As an example:

• Through the EITC, families with three or more children may be able to get back up to $6,600.
• The Recovery Rebate Credit lets people who didn’t get their full Economic Impact Payments (stimulus checks) in 2020 get the money they were supposed to get back.

If you don’t file by the due date, you won’t get these returns, which are like money that you could have used.

Understanding the Earned Income Tax Credit (EITC)

The Earned Income Tax Credit (EITC) is a tax break for working families and individuals with low to moderate incomes. It lowers the amount of tax you have to pay and usually gets you a return.

Eligibility Requirements for the EITC

• Income Limits:
  • For families with three or more children: AGI must be below $50,594 (single) or $56,844 (married filing jointly).
  • For individuals without children: AGI must be below $15,820 (single) or $21,710 (married filing jointly).
• Filing Status:
  • Eligible filing statuses include single, head of household, and married filing jointly.
• Qualifying Children:
  • Each child must meet specific criteria for age, relationship, residency, and support.
• Earned Income:
  • You must have earned income from employment or self-employment.

Example:
For example, in 2020, a single parent with three kids and a $45,000 a year income might be able to get a refund that is close to the maximum EITC amount of $6,600.

For more details, visit the official IRS EITC page.

What Is the Recovery Rebate Credit?

People who didn’t get their full stimulus payouts in 2020 can also get the Recovery Rebate Credit, which is an important refund. These funds were part of what the government did to help with COVID-19.

How It Works:

If you were eligible for a stimulus payment but didn’t receive the correct amount, you can claim the difference through this credit. For example:

• If you received only $600 instead of the full $1,200, you can claim the remaining $600 when filing your 2020 tax return.

The Recovery Rebate Credit is calculated based on your 2020 income and eligibility criteria. Learn more on the IRS website.

Step-by-Step Guide to Claiming New IRS Refund

1. Gather Your Documents

Ensure you have all relevant financial records for 2020:

• W-2s or 1099 forms
• Proof of dependents (e.g., Social Security numbers)
• Records of any stimulus payments or advance Child Tax Credit payments received

Tip: Use the IRS’s Get My Payment Tool to confirm details of your Economic Impact Payments.

2. File Your 2020 Tax Return

If you didn’t file in 2020, you can still submit your return via:

• IRS Free File: For individuals and families below a certain income threshold, filing online is free and convenient.
• By Mail: Use certified mail to ensure your documents are received by the IRS.

Pro Tip: Filing electronically with direct deposit speeds up the refund process.

3. Check Refund Status

After filing, track the progress of your refund using the IRS Where’s My Refund Tool. You’ll need:

• Your Social Security number
• Filing status
• Exact refund amount

4. Avoid Common Pitfalls

• Missing the Deadline: Applications after January 14, 2025, will not be processed.
• Incomplete Forms: Ensure all sections are filled out correctly to avoid delays.
• Ignoring IRS Notices: Respond promptly to any requests for additional documentation.

Additional Benefits and Considerations

Avoid Leaving Money Behind

A lot of people think wrongly that they don’t have to file if they don’t owe any taxes. But the only way to get back points you missed is to file a tax return.

Benefits of Direct Deposit

Choosing direct deposit for your refund:

• Shortens processing time
• Reduces the risk of checks getting lost or stolen

Get Expert Help

If you’re not sure if you’re eligible or need help, you might want to talk to a tax professional. Tax help is also available for free from many non-profits for people who apply.

About The Author