If you have an unclaimed tax refund from your 2019 earnings and fail to submit your return by this date, you risk losing this money.
Contrary to popular belief, it is possible to neglect to collect a tax refund. Generally speaking, taxpayers have three years to submit and claim tax returns. Due to the fact that tax season 2020 coincided with the start of the COVID-19 pandemic, the filing deadline for 2019 earnings has been extended to July 17, 2023.
Unclaimed Tax Refund
MoneyGeek analyzed 2019 Internal Revenue Service (IRS) unclaimed tax refund data and estimated the average amount of unclaimed tax funds per affected resident in each state.
We discovered that while the average resident in some states could benefit more from filing their taxes, the majority of Americans are resting on substantial refunds. The average loss for missing the July 17 deadline for filing 2019 taxes could be $1,006.
If you earned money in 2019 but did not submit your taxes until 2020, there may be money owed to you that you risk losing if you do not collect it quickly. The average unclaimed tax refund amounts to $1,006.
In 2019, many low- and moderate-income employees may also be eligible for the Earned Income Tax Credit (EITC), which could be worth up to $6,557. In 2019, this tax credit is available to individuals whose incomes meet the following requirements:
- Individuals with three or more qualifying children are eligible for a tax credit of $50,162 ($55,952 if married and filing jointly).
- $46,703 (or $52,493 if filing jointly) for individuals with two qualifying children
- $41,094 ($46,882 if filing jointly) for individuals with one qualifying child
- $15,570 ($21,370 if filing jointly) for individuals without qualifying children
Read more: Tax Return 2023: Why You May Have Additional $893 To Claim to IRS?
How To Submit Your Taxes For 2019?
You have options if you believe the IRS owes you a tax refund for money you earned in 2019. The process for submitting older tax returns is identical to filing for the current tax year; completing the steps below will expedite the receipt of your 2019 tax returns prior to the July 17, 2023, deadline.
Gather essential documents.
To file your 2019 taxes, you’ll need a number of documents, including your W-2 and 1099 forms for 2019 income. If you do not have copies and are unable to acquire them in any other way, the IRS’s “Get Your Tax Record” page allows you to request electronic transcripts of wage and income statements, historical tax records, and more.
File your tax return.
Depending on the complexity of your tax situation, you can submit your taxes online using tax preparation software or you can employ a tax accountant.
Get your unclaimed tax refund.
Most individuals who submit their tax returns electronically receive their refunds within 21 days. If you submit your tax return by mail, you may have to wait up to four weeks for your refund.
MoneyGeek estimated the average amount of unclaimed tax cash per affected resident in each state to determine which states have the most unclaimed tax cash from the 2020 tax season, coinciding with the COVID-19 pandemic.
Alaskans with unclaimed tax refunds stand to gain an average of $1,090 by submitting unclaimed refunds for 2019 profits by the July 17 deadline. Numerous states on MoneyGeek’s top 15 list are located in the Northeastern United States, which has a high population and cost of living.
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