Here’s who qualifies for $750 tax penalty refund from IRS



STATEN ISLAND, N.Y. — Did you owe the IRS money for filing your taxes late during the coronavirus (COVID-19) pandemic?

Well, you may be in luck if you’re one of the nearly 1.6 million Americans who will receive some relief from the federal government after filing your taxes late during the early stages of the pandemic.

Last week, the Internal Revenue Service (IRS) announced that it will provide penalty relief to those who filed their 2019 or 2020 tax returns late.

“Throughout the pandemic, the IRS has worked hard to support the nation and provide relief to people in many different ways,” said IRS Commissioner Chuck Rettig.

Here‘s what you need to know to learn if you qualify for a refund:

  • In most cases, taxpayers who file their taxes late without an extension can owe up to 25% of the amount of tax they owe in penalties. The IRS decided to waive these fees, with the nearly 1.6 million Americans who filed late set to receive more than $1.2 billion in refunds, representing roughly $750 per person.
  • However, the exact refund amount will vary based on the amount of late fees paid.
  • Those who have already filed their 2019 or 2020 tax returns and paid their late fees will be automatically refunded, while those who have filed, but haven’t yet paid the fees, will have them erased.
  • Most of the refunds are expected to be delivered by the end of September.
  • Individuals who still have not filed these returns can qualify for the penalty relief, but in order to qualify, they must file their 2019 and 2020 returns by September 30, 2022.

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