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Trying to Save a 2016 Tax Refund? Read This!

In recent IRS notice 2020-23, the IRS is granting a delay in claiming 2016 tax refunds until July 15, 2020.

The problem

If you do not claim a refund in time, you lose it forever. So on April 15, 2020 if you are owed a refund for 2016 and do not file a tax return to receive it, you lose your money forever!

More time to file

Because of the coronavirus pandemic, the tax filing date for 2019 is moved from April 15 to July 15. What is now clear, is that with this filing date move, it also includes the statute of limitations to claim any unclaimed refunds for the 2016 tax year.

What to do now

If you did not file a tax return for 2016 and you believe you are owed money, you now have 90 more days to claim it. But don’t delay! The IRS is very strict on these dates. If you are even a day late, your money is lost forever.

While the IRS is granting this delay, it is not clear if states are following suit. So, if you have a state tax refund you need to understand their deadlines as well.