The IRS is making great efforts to spread the word that it wants to pay you money. If you are eligible, you could receive $900 or more, but you only have a few months to claim your funds.
The IRS said last month that there are roughly 1.5 million unclaimed refunds for the 2019 tax year, with a projected total of $1.5 billion.
IRS Urges Taxpayers to Claim Unclaimed Refunds
Taxpayers typically have three years to file their returns and request their refunds. The money belongs to the US Treasury if it is not filed within three years.
However, due to the COVID-19 pandemic that occurred in the 2020 tax season, taxpayers were allowed more time than usual to submit taxes and get refunds for 2019.
On July 17, 2023, the three-year window for unfiled returns from 2019 will now open. On February 27, 2023, the IRS released Notice 2023-21, which offers legal advice on claims submitted by the extended deadline.
According to an announcement from IRS Commissioner Danny Werfel on April 12, many consumers may have ignored or forgotten about these reimbursements since the 2019 tax returns were due during the outbreak.
The tweet included a picture of a cat holding a dollar note and offered the following advice as a public service: “Enjoy discovering cash? Tax refunds from 2019 totaling $1.5 billion are yet to be claimed.
The IRS warned that failing to file a 2019 tax return could result in repercussions beyond just missing out on a tax refund in the news release.
The Earned Income Tax Credit may also be available to many people with low and moderate incomes (EITC).
Read more: Why You Shouldn’t Rely On The IRS When Filing Taxes?
The IRS is making great efforts to spread the word that it wants to pay you money. If you are eligible, you could receive $900 or more, but you only have a few months to claim your funds.
Millions in Unclaimed Refunds and Tax Credits Await
The credit had a maximum value of $6,557 in 2019. American citizens with earnings below specific limits in 2019 are given financial help through the EITC. If your income meets the following requirements, you might qualify:
- For families with three or more qualifying children, the tax credit is $50,162 ($55,952 if married filing jointly).
- $46,703 ($52,493 if married and filing jointly) for people with two qualifying children
- For families with one eligible child, the amount is $41,094 ($46,884 if married filing jointly), and
- For those without qualifying children, the amount is $15,570 ($21,370 if married and filing jointly).
The IRS also reminded taxpayers that if tax returns for 2020 and 2021 haven’t been filed, their 2019 tax refunds may be withheld.
The refund will also be used to cover any outstanding debts to the IRS or a state tax authority. The refund might also be applied to past-due government payments like student loans or overdue child support.
On the Forms, Instructions & Publications page or by dialing toll-free 800-829-3676, you can find current and prior year tax forms and instructions, including those for the tax year 2019 Forms 1040 and 1040-SR.
Read more: Where’s My Tax Refund? Here’s How To Track Your Delayed Refund!