IRS warns of fast-approaching deadline to say 2019 tax refunds totaling practically $1.5B
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The Inner Income Service is warning that just about 1.5 million folks throughout the U.S. have unclaimed refunds for the 2019 tax yr – and a restricted time throughout which to say the cash.
In a launch, the company mentioned eligible People face a July 17 deadline to submit their tax return.
The company mentioned the refunds stay unclaimed as a result of these people have but to file their tax returns.
The common median refund for this yr is $893.
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A view of the Inner Income Service constructing in Washington, D.C., on Jan. 24, 2023. (Stefani Reynolds/AFP by way of / Getty Photographs)
“The 2019 tax returns got here due in the course of the pandemic, and many individuals might have ignored or forgotten about these refunds,” IRS Commissioner Danny Werfel mentioned in a press release. “We wish taxpayers to say these refunds, however time is working out. Individuals face a July 17 deadline to file their returns. We suggest taxpayers begin quickly to ensure they do not miss out.”
Taxpayers normally have three years to file and declare their tax refunds. If they do not, the cash turns into the property of the Treasury Division.
For 2019 returns, folks have extra time than regular to file to say their refunds because of the COVID-19 pandemic.
The emergency pushed the deadline to July as an alternative of April.
Commissioner Danny Werfel speaks on the IRS headquarters in Washington, D.C., on Tuesday, April 4, 2023. (Ting Shen/Bloomberg by way of / Getty Photographs)
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The IRS issued a discover in late February that supplied authorized steerage on claims made by the July deadline.
“We continuously see college students, part-time employees and others with little revenue overlook submitting a tax return and by no means notice they could be owed a refund,” Werfel famous.
The Inner Income Service constructing on April 15, 2019, in Washington, D.C. (Zach Gibson / Getty Photographs)
Many low- and moderate-income employees might also be eligible for the Earned Earnings Tax Credit score, which was value as a lot as $6,557 for 2019. The credit aids people and households who had incomes under sure thresholds in 2019.
The IRS additionally reminded that taxpayers who’re searching for a 2019 tax refund might have their checks held in the event that they haven’t filed tax returns for 2020 and 2021, with the refund utilized to any quantities nonetheless owed to the IRS or a state tax company; they could even be used to offset unpaid youngster help or late federal money owed, reminiscent of pupil loans.
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In state-by-state estimates of those that could also be due 2019 revenue tax refunds, a complete of 1.4 million estimated people had been reported. The potential refunds totaled $1,479,913,400.
California and Texas had complete potential refunds over $100 million.
