A final reminder is being sent to roughly 1.5 million taxpayers who have yet to collect their 2019 tax refunds by the Federal Revenue Service (IRS).
Taxpayers are urged to file their forms as soon as possible because the deadline of July 17 is drawing near. Failure to do so will result in forfeiting their final opportunity to receive possibly sizable refunds.
IRS Sends Final Reminder to Claim 2019 Tax Refunds Before Deadline
The IRS estimates that there are still about $1.5 billion in unclaimed funds; if these refunds are not claimed, the money will be given to the US Government.
The IRS urges all taxpayers who must file a return for 2019 to do so even if they are not all entitled to a refund.
It estimate the average median refund for tax year 2019 to be $893, but low- and moderate-income workers might be eligible for even larger refunds.
Workers qualifying for the Earned Income Tax Credit may be eligible for refunds of up to $6,557.
Taxpayers who have not filed a return for 2020 and 2021 should note that their 2019 refund may be withheld by the IRS.
Additionally, the IRS emphasizes that refunds may be applied to outstanding payments owed to the IRS or other state tax agencies.
Refunds could also be directed towards unpaid child support payments or past-due federal debts.
Although the deadline for filing 2019 taxes was extended due to the COVID-19 pandemic, time is running out.
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Key Steps and State-by-State Breakdown
Here’s what the IRS recommends to file your tax return and claim your refund:
- Request copies of key documents, such as W-2, 1098, 1099, or 5498 forms, from your employer, bank, or other payers for the years 2019, 2020, or 2021.
- If you are unable to obtain the necessary documents from your employer or other payer, you can use the IRS’ Get Transcript Online tool to order a free wage and income transcript.
- Another option is to complete a Form 4506-T to request a wage and income transcript. Keep in mind that written orders may take several weeks to process, so it’s important to act promptly before the July 17 deadline.
The IRS has provided a state-by-state breakdown of the potential unclaimed refunds, including the estimated number of individuals, the median potential refund, and the total potential refunds available for each state.
Taxpayers are encouraged to review the information specific to their state to understand the scope of unclaimed funds that may be available.
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