According to the Internal Revenue Service, more than a million Americans would not receive their fair share of the anticipated $1.5 billion in unclaimed tax refunds.
This sum includes the approximately 52,000 Ohio taxpayers who owe more than $50 million in back taxes.
EITC Eligibility and Larger Tax Refunds for Unfiled Taxpayers
If you didn’t file in 2020 for some reason, you can still be entitled to some of the unclaimed monies since the refunds are for the tax year 2019.
According to an announcement by IRS Commissioner Danny Werfel, there is not much longer for more than a million taxpayers to receive their tax refunds for 2019.
Due to the pandemic, many people might have forgotten to file a 2019 tax return. Don’t miss this opportunity to get a refund.
Taxpayers typically have three years under the statute to file their returns and receive any refunds; however, if they miss the deadline, the money belongs to the United States Treasury in place of.
The average tax refund that year was $893, but if unfiled taxpayers were eligible for the Earned Income Tax Credit, they may be eligible for thousands more.
Read more: Where’s My Tax Refund? Here’s How To Track Your Delayed Refund!
IRS Urges Prompt Filing for Required Documents
In order for them to acquire any relevant documentation, the IRS advises beginning the filing process as soon as feasible.
If a taxpayer is missing any tax paperwork for the years 2019, 2020, or 2021, such as a W-2, 1098, 1099, or 5498, they should get in touch with their employer, bank, or other payer.
Checks may be held if taxpayers haven’t submitted their tax returns for 2020 and 2021, according to the IRS.
Additionally, the IRS or a state tax authority will be paid first with refund money if there are any outstanding balances.
The money can also be utilized to pay back overdue government obligations like college loans or unpaid child support.
Read more: IRS Blunder: Taxpayers Receive Bills With Incorrect Due Dates