Over a million Americans could miss out on their share of an estimated $1.5 billion in unclaimed tax refunds, the Internal Revenue Service said Thursday.
$1.5 Billion Remains in Unclaimed Tax Returns
The Internal Revenue Service is encouraging nearly 1.5 million people nationwide to submit a tax return to claim their refunds for tax year 2019 by the July 17, 2023, deadline.
The refunds are for tax year 2019, so if you didn’t file in 2020, you could be owed part of those unclaimed funds.
According to the official IRS website:
The IRS estimates almost $1.5 billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. Available data includes a special state-by-state estimate of how many people are potentially eligible for these refunds in each state and each state’s median potential refund. The average median refund for tax year 2019 was $893.
“Time is running out for more than a million people to get their tax refunds for 2019,” said IRS Commissioner Danny Werfel in a news release. “Many people may have overlooked filing a 2019 tax return due to the pandemic. We don’t want people to miss their window to receive their refund.”
If someone misses the deadline, that money goes to the U.S. Treasury instead.
Here is a list from the IRS, by State, of unclaimed tax refunds:
The three-year window for 2019 unfiled returns was postponed to July 17, 2023, due to the COVID-19 pandemic emergency.
Under the law, taxpayers usually have three years to file and claim their tax refunds. If they don’t file within three years, the money becomes the property of the U.S. Treasury.
Taxpayers could lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC).
Here’s what the IRS suggests for filing your 2019 return:
Current and prior-year tax forms (such as the tax year 2019 Forms 1040 and 1040-SR) and instructions are available online on the IRS Forms, Instructions and Publications page or by calling toll-free 800-TAX-FORM (800-829-3676).
Get the news you need at It’s On News.
