Did you know that the IRS could be holding money that belongs to you? More than 45,800 North Carolina taxpayers have yet to claim their share of $44 million in unclaimed tax refunds. If you haven’t filed your 2020 federal tax return, you could be missing out on a refund that’s rightfully yours.
Why Are These Refunds Unclaimed?
Many taxpayers don’t realize they’re eligible for a refund. Some reasons people have missed out include:
- Not filing a tax return – Many individuals who earned below a certain income threshold didn’t file, unaware that they were still eligible for a refund.
- Moving to a new address – If the IRS couldn’t reach you, your refund may have gone unclaimed.
- Taxes were withheld from paychecks – If taxes were deducted from your paycheck but you never filed a return, you may be owed money.
The median refund amount is $862, but some taxpayers could receive much more!
How to Check if You Have an Unclaimed Refund
If you think you might have an unclaimed tax refund, follow these steps:
- Check your filing history – Look through your records to see if you filed a tax return for 2020.
- Use the IRS “Where’s My Refund?” tool – Visit the IRS website and enter your Social Security number, filing status, and expected refund amount to check your status.
- Request your tax transcript – If you’re unsure about your income from that year, request a wage and income transcript from the IRS. This will show all reported earnings under your Social Security number.
How to Claim Your Money Before It’s Too Late
If you discover that you’re owed a refund, you need to act fast. The deadline to claim 2020 refunds is May 17, 2025. After that date, the IRS keeps the money, and you won’t be able to claim it.
Here’s what you need to do:
- File your 2020 tax return – You must file a tax return for that year to claim your refund.
- Gather important documents – Make sure you have your W-2s, 1099s, and any other income documents. If you’ve lost them, contact your employer or request a transcript from the IRS.
- Update your address – If you’ve moved, update your mailing address with the IRS to ensure you receive your check.
- Opt for direct deposit – Choosing direct deposit speeds up the process and ensures you get your money safely.
Watch Out for Scams!
If you receive a phone call, email, or social media message claiming to be from the IRS, be cautious. The IRS never initiates contact this way. To check your refund status, always visit the official IRS website.
State Tax Refunds & Unclaimed Property
In addition to federal refunds, North Carolina residents might also have unclaimed state tax refunds or unclaimed property. To check:
- Visit the North Carolina Department of Revenue – Use the “Where’s My Refund?” tool to check your state tax refund.
- Search for unclaimed property – The North Carolina Department of State Treasurer maintains a database where you can check for unclaimed funds. Visit NCCash.com to search for any money that might be owed to you.
Time is Running Out – Don’t Miss Your Refund!
With over $44 million still unclaimed, now is the time to check if you’re owed money. The deadline is May 17, 2025, so don’t wait too long. If you’re eligible for a refund, take action now and claim what’s rightfully yours!
