Listen up, taxpayers! You have just a little over two weeks left to claim your unclaimed tax refunds from 2019. The Internal Revenue Service IRS reports an estimated whopping $1.5 billion in unclaimed refunds from the 2019 tax year. They are strongly urging individuals to apply for these funds before the July 17th deadline, according to a recent press release.
“Clock’s ticking for over a million people who are yet to claim their 2019 tax refunds,” warns IRS Commissioner Danny Werfel. He recognizes that the pandemic may have led to some individuals overlooking their 2019 tax filing. Werfel adds, “We don’t want anyone to miss their chance to get their refund. Please double-check your records and act swiftly before the deadline. The IRS has several key resources available to assist.”
Claim Your 2019 IRS Refund Act Now
To accommodate 2019 and 2020 taxpayers who found it challenging to file on time due to the COVID-19 pandemic, the IRS provided relief measures including waiver of penalties for late returns. They noted the average median refund for 2019 amounts to a cool $893.If you need to secure the necessary forms for filing, you can request copies from your employer, bank, or other entities that contribute to your federal gross income. If you’re in a hurry, you can order a free wage and income transcript using the IRS’ Get Transcript Online tool for a faster process.
How much refund you’ll receive depends on your household’s tax status. Interestingly, the IRS estimates that over 100,000 people in both California and Texas might be entitled to a tax refund.
Also, the IRS highlighted that many low-income or moderate-income workers could qualify for the Earned Income Tax Credit. This is a tax break that adjusts with inflation each year for both part-time and full-time workers. If you were below certain income thresholds in 2019, you can find more details on potential tax breaks on the IRS website. So, don’t delay – check your eligibility and stake your claim! It’s your money after all!