The Internal Revenue Service (IRS) has announced that there are nearly 1.5 million individuals in the United States who have unclaimed tax refunds for the 2019 tax year. These individuals have until July 17 to submit their tax return and claim their refunds. The IRS estimates that the unclaimed refunds amount to almost $1.5 billion, with an average median refund of $893 for the year.
Typically, taxpayers have three years to file their tax returns and claim their refunds. After that period, the unclaimed funds become the property of the U.S. Treasury. However, due to the COVID-19 pandemic, the deadline for filing 2019 tax returns and claiming refunds was extended to July 17, 2023. This extension provided individuals with more time than usual to submit their returns.
The IRS advises taxpayers to review their records and gather the necessary documents to file their 2019 tax returns before the July deadline. In addition to claiming their refund, individuals who were low- or moderate-income workers in 2019 may be eligible for the Earned Income Tax Credit (EITC), which could provide further financial benefits.
It’s important to note that if taxpayers have not filed their 2020 and 2021 tax returns, any 2019 refund they are entitled to may be held. The refund may also be used to offset any unpaid taxes, child support, or federal debts, such as student loans.
Taxpayers who need to file a 2019 tax return can request copies of key documents, such as Forms W-2, 1098, 1099, or 5498, from their employers or other payers. Alternatively, they can use the Get Transcript Online tool on the IRS website to obtain a wage and income transcript for the necessary information. Another option is to file Form 4506-T to request a “wage and income transcript” from the IRS.
The IRS has estimated the number of potentially eligible individuals for refunds in each state, but the actual refund amount will vary depending on each household’s tax situation. Taxpayers are encouraged to take advantage of the available options to gather the required information and file their 2019 tax returns before the deadline.
Report : IRS.gov
