The Internal Revenue Service (IRS) is reminding individuals that there is a limited window of just over two weeks to collect unclaimed tax refunds from the 2019 tax year. According to a recent news release, the IRS has estimated that approximately $1.5 billion in refunds remains unclaimed. To ensure that taxpayers do not miss out on these stimulus checks funds, the IRS is urging them to submit their applications by the upcoming deadline of July 17.
IRS Urges Prompt Action to Claim 2019 Tax Refunds Before Deadline, Commissioner Highlights COVID-19 Relief Measures. IRS Commissioner Danny Werfel emphasizes the dwindling timeframe for over a million individuals to secure their 2019 tax refunds. In light of the pandemic’s impact, many may have inadvertently overlooked filing their tax returns from stimulus check.
Deadline for stimulus check Taxpayers to Claim 2019 Refunds
To prevent missed opportunities, Werfel urges people to promptly review their records and take necessary steps before the deadline. The IRS provides various avenues of assistance. Additionally, the agency has granted relief to eligible 2019 and 2020 taxpayers, waiving penalties for late filing. The average median refund for 2019 stands at $893, according to the IRS.
Individuals seeking the necessary forms to file their taxes can obtain copies from their employer, bank, or other payers responsible for reporting their federal gross income. Alternatively, they have the option to request a free wage and income transcript through the IRS. This can be done quickly and conveniently using the Get Transcript Online tool, ensuring a faster turnaround time for the requested documents.
The refund amount that taxpayers receive is determined by their household’s tax status. The IRS has projected that both California and Texas have more than 100,000 individuals who may be eligible for a tax refund. Notably, the IRS highlights that many low-income or moderate-income workers may qualify for the Earned Income Tax Credit, which provides tax breaks that are adjusted for inflation annually and apply to both part-time and full-time workers. For further details regarding individuals and families whose incomes were below specific thresholds in 2019, the IRS website offers additional information.