The IRS has reminded taxpayers that there is still roughly $1.5 billion in refund money from the 2019 tax year that has yet to be claimed, with the deadline to claim it in approximately three months.
The deadline for people who have yet to file their taxes for the 2019 tax year, of which the IRS estimated there are 1.5 million, is set for July 17 this summer. Taxpayers typically have three years to file and claim their tax refunds, after which any unclaimed money becomes the property of the Treasury, the IRS warned on Wednesday.
“The 2019 tax returns came due during the pandemic, and many people may have overlooked or forgotten about these refunds,” IRS Commissioner Danny Werfel said. “We want taxpayers to claim these refunds, but time is running out. People face a July 17 deadline to file their returns. We recommend taxpayers start soon to make sure they don’t miss out.”
The IRS estimated that the average median refund for the 2019 tax year is $893. For some states, the median potential refund is more than $893, while for other states, it is less.
Taxpayers typically need to claim their old refunds on the same date as the current tax deadline, which for 2022 taxes is April 18 this year. However, the deadline to claim refunds from the 2019 tax year is set for July 17 due to postponements from the coronavirus pandemic.
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When claiming tax refunds from 2019, taxpayers should know that their refund checks might be held from them if they have not filed tax returns for 2020 and 2021. Additionally, the 2019 refund will be applied to any amounts they still owe to the IRS or a state tax agency and may also be used to finish paying unpaid child support or past-due federal debts, including student loans.
California has the most estimated number of people, at 144,700, who have not claimed their 2019 tax refunds, with refunds in the state estimated to be worth $856. Vermont, on the other hand, has the least estimated amount of people, at 3,100, with refunds estimated at $901.
