Surprisingly, forgetting to collect a tax refund is not uncommon. Typically, taxpayers have a three-year window to file and claim their tax returns. However, due to the onset of the COVID-19 pandemic, the filing deadline for 2019 earnings was extended until July 17, 2023. Failure to file by this approaching date means individuals risk losing their unclaimed tax refund money from the 2019 tax year.
The findings reveal the average amount of unclaimed tax cash per affected resident in each state. This analysis underscores that while some states have higher potential refunds for their residents, Americans nationwide are potentially forfeiting substantial amounts of unclaimed refunds. It is important to keep you informed as, together with the stimulus checks, this is one of the important moments to get some unexpected money.
Visualizing Unclaimed Tax Cash Across the U.S.: A Map of States Reflecting Respective Amounts
Explore a captivating map of the United States, showcasing the varying levels of unclaimed tax cash residing within each state. If you earned income in 2019 but failed to file your taxes in 2020, there is a possibility of unclaimed funds waiting for you. However, time is of the essence, as these funds are at risk of being lost forever. By taking action promptly, you could be in for a delightful financial boost, with the average unclaimed tax refund amounting to $1,006.
Apart from the possibility of receiving a tax refund, individuals falling under the low- and moderate-income bracket may also be eligible for the Earned Income Tax Credit (EITC). In 2019, this tax credit could amount to a substantial $6,557. To qualify for the EITC, individuals must have met specific income criteria:
- $50,162 ($55,952 if married and filing jointly) for those with three or more qualifying children
- $46,703 ($52,493 if married and filing jointly) for individuals with two qualifying children
- $41,094 ($46,884 if married and filing jointly) for those with one qualifying child
- $15,570 ($21,370 if married and filing jointly) for individuals without a qualifying child
These criteria determine the eligibility for additional financial support through the EITC, potentially providing significant assistance to eligible individuals and families.
A Step-by-Step Guide to Filing Your 2019 Taxes
Rest assured, if you believe that the IRS owes you a refund for your 2019 earnings, you still have options. The procedure for filing older tax returns is identical to filing for the current tax year. By following the steps below, you can initiate the process of claiming your 2019 returns and ensure you meet the deadline of July 17, 2023.
To successfully file your 2019 taxes, it is crucial to gather certain essential documents. These include your W-2 and 1099 forms, which provide details of the income you earned during that year. In the event that you don’t have copies of these documents and are unable to obtain them through other channels, the IRS offers a convenient solution. On their “Get Your Tax Record” page, you can request electronic transcripts of wage and income statements, past tax records, and additional relevant information.
When it comes to filing your tax refund, the approach you choose depends on the complexity of your tax situation. You have the option to file online using tax preparation software or seek assistance from a tax accountant.
In most cases, individuals who file their tax refunds electronically can expect to receive them within 21 days. However, if you opt for filing your tax return by mail, it may take up to four weeks to receive your refund. Leading the pack, Alaska residents have the potential to gain the most by claiming their unclaimed tax refunds for 2019 earnings before the July 17 deadline, with an average of $1,090.