The Internal Revenue Service (IRS) recently reported that about 940,000 Americans have not completed their 2020 tax return, which affects their chances of claiming any eligible tax refund. This news reveals a worrying number of taxpayers who have not yet fulfilled their tax obligations. In addition, the IRS estimates that approximately 3,700 Alaska residents are entitled to more than $4 million in unclaimed refunds.
Anyone would wonder what makes a person pass up a check for several hundred (or sometimes thousands) of dollars? Well, only they will know, but the truth is that there is $4 million unclaimed tax refunds, and that’s a lot of money, guys.
Alaskans Are Encouraged to Claim Their 2020 Tax Refunds
Rodney Bearman, an IRS spokesman, emphasized the relevance of filing the tax return for those who haven’t done so yet. Bearman mentioned that Alaskan residents who have not filed their application could be missing out on an average refund estimated at more than $900. It is crucial that taxpayers understand the implications of not filing their taxes, as this can result in the loss of significant financial benefits.
Bearman also noted that the number of late filers varies each year and that there are different reasons why people don’t file. In addition, Bearman stressed that taxpayers generally have three years to file and claim their tax refund before the money becomes the property of the U.S. Treasury. This time window gives taxpayers the opportunity to regularize their tax situation and ensure that they receive the corresponding benefits.
You’re Still on Time to Claim Your Alaska’s Permanent Fund Dividend
Regarding the deadline for filing the 2020 tax return, Bearman recalled that the deadline was extended until May 2024 due to the COVID-19 pandemic. This extension gives taxpayers more time to meet their tax obligations and take advantage of the refunds to which they are entitled. However, it is essential that taxpayers are aware of this deadline and begin gathering the necessary documentation, such as income statements and expense receipts, to meet the requirements set by the IRS.
That’s not the only cash you could claim: the Alaska Department of Revenue has announced that residents of the state with the status of “Eligible-Unpaid” until April 10 and who have not received their checks from the Permanent Fund Dividend program of 2023 or earlier, will receive their payments soon. This program provides dividends to Alaskan residents who meet certain requirements, such as the intention to reside indefinitely in the state and have no criminal record. The amount of the Permanent Fund dividend varies every year and is based on the state’s annual mineral income.
In 2023, the payment of the program reached $1,312 per resident, and the distribution of those payments began in October of last year. This initiative is part of the policy of sharing benefits to the citizens of Alaska, based on the state’s natural resources, and aimed at improving the quality of life of its residents. Don’t let your money go away: claim your checks right now and enjoy it or invest it as your desire.