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If you paid a late penalty after filing taxes for 2019 or 2020, the IRS could owe you over $700. The pandemic was brutal on our finances, and if you had to pay the penalty for filing your taxes late for 2019 and 2020, then you probably felt it more than in other years. Due to government staff shortages during the pandemic, it was almost impossible to reach the IRS during this time, which caused more people than usual to file their taxes late.
Now, the IRS is providing relief by giving late-filers money back if they paid a late penalty in 2019 or 2020. If you qualify, you could have hundreds of dollars coming to you. So are you getting money? Find out about the new IRS tax refund:
How do I qualify for the additional IRS tax refund?
Taxpayers who filed their 2019 and/or 2020 tax returns late and had to pay a late-filing penalty qualify for the IRS tax refund.
Those who had to pay the penalty for failing to file taxes don’t qualify for this relief refund.
How much money will I get back from the IRS?
Taxpayers who file late usually pay 5% of what they owe per month, up to 25% of their unpaid tax bill. This will be the amount you’ll get refunded from the IRS.
For most people, the average tax refund will be $750.
What do I need to do to get my late penalty fees reimbursed?
You won’t have to do anything if you already filed your 2019 or 2020 returns and paid a late penalty for filing taxes.
If you qualify, the IRS will automatically send money to your latest address on file with the IRS.
When will I get my late penalty for filing taxes refund?
According to the Tax Payer Advocate Service, payments will get sent out within three months after processing.
They estimate that if you don’t have your payment by Nov. 30, 2022, you should contact the IRS to check on its status.
How will I get my additional IRS refund?
Most people will get checks mailed to the latest address on file, but some will get the refund deposited in the bank account you have on file with the IRS.
If you moved in 2019 or 2020, you’d want to update your address with the IRS ASAP so your refund doesn’t get sent to an old address.
There are a few different ways to update your address with the IRS:
- Fill out Form 8822, Change of Address, or Form 8822-B, then mail or fax it to the IRS.
- Send the IRS a written statement with your name, old address, new address, Social Security number, ITIN, or EIN.
- Tell the IRS in person or by telephone by saying your name, old address, new address, date of birth, Social Security number, ITIN, or EIN.
Even though most people won’t get their refund through direct deposit, you can change your bank account information by calling the IRS at 800-829-1040.
What should you do if you didn’t file a 2019 or 2020 tax return?
If you didn’t file a 2019 or 2020 tax return yet, you have until Sept. 30, 2022, to fix that. Anyone who files before that deadline won’t have to pay a late-filing penalty.
If you haven’t filed yet, your penalty fee will get waived, but you won’t get a payment in the mail.
Experts suggest you e-file your 2019 or 2020 tax returns to get them processed ASAP.
What happens if I filed a joint 2019 or 2020 tax return?
If you filed a late joint return, the refund would be mailed or deposited to the first name listed on the return.
You’ll get separate payments, but they’ll come to the address or bank account of the primary person listed on the joint filings.
So if you’re divorced or separated, you’ll have to discuss retrieving your return from whomever is listed first on the joint filings.
What other reimbursements do I qualify for?
Filing your 2019 and 2020 tax returns could mean even more money if you used TurboTax. There’s a TurboTax settlement that just finalized, and many thousands of customers are going to be reimbursed for their tax preparation fees.