Taxpayers only have just over two weeks left to claim their unclaimed tax refunds from 2019.
The Internal Revenue Service estimates that there is nearly $1.5 billion in unclaimed refunds from tax year 2019, and is urging people to apply by the deadline set for July 17, according to a news release.
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“Time is running out for more than a million people to get their tax refunds for 2019,” said IRS Commissioner Danny Werfel. “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. We encourage people to check their records and act quickly before the deadline. The IRS has several important ways that people can get help.”
The IRS issued relief for some 2019 and 2020 taxpayers who struggled to file on time due to the COVID-19 pandemic, offering a waiver of relevant return penalties. The agency said the average median refund for 2019 is $893.
Those who need to obtain the forms required to file can request copies from their employer, bank, or other payers who assist in the federal gross income of the individual taxpayer. They can also order a free wage and income transcript through the IRS using the Get Transcript Online tool if contacting for a quicker turnaround process.
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The refund amount each taxpayer receives depends on a household’s tax status. The IRS predicts that California and Texas each have over 100,000 people who may be entitled to a tax refund.
The IRS noted many low-income or moderate-income workers could qualify for the Earned Income Tax Credit, tax breaks that account for inflation each year for part-time and full-time workers. Additional information for individual taxpayers and families whose incomes were below certain thresholds in 2019 can be found on the IRS website.
