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$1.5 Billion 2023 Tax Refunds Still Unclaimed; Distribution Ends in 3 Months!

Tax Refunds 2023 [Photo: HW&Co.]
Tax Refunds 2023 [Photo: HW&Co.]

The deadline for receiving the $1.5 billion total worth of unclaimed 2023 Tax Refunds is coming in three months. In this article, read and find out who are eligible to receive these unclaimed tax refunds!

IRS Issuing 2023 Tax Refunds [Photo: Accounting Today]

IRS Issuing 2023 Tax Refunds [Photo: Accounting Today]

On April 12, the Internal Revenue Service (IRS) announced that the deadline for receiving the unclaimed 2023 Tax Refunds that the U.S. government owes taxpayers is fast approaching. From the year 2019, American taxpayers still have a total of $1.5 billion worth of unclaimed tax refunds that the IRS estimates to be an average of $890. As a result, those who have not yet filed their 2019 tax returns have only until July 17 to do so.

According to Bramwell, Danny Werfel, IRS Commissioner, stated that the COVID-19 pandemic arrived during the 2019 tax season and it may be the cause why several taxpayers have forgotten or neglected claiming their tax refunds. Consequently, the IRS suggests that taxpayers claim the 2023 Tax Refunds as soon as possible to avoid missing out on them once again. Furthermore, the IRS stated that taxpayers may still be owed a refund even if they did not have any taxes withheld like from the Earned Income Tax Credit.

READ ALSO: 2023 Tax Refunds: Up To $5,350 Payments Being Issued Until April— See Who Receives Them!

Filing Extension for 2023 Tax Refunds

According to Ivanova, in general, taxpayers have three years from the date a tax return is due to claim any tax refunds. This means that since the deadline for filing in 2019 had been moved by three months to July 2020 because of the COVID-19 pandemic, the final deadline to claim the 2023 Tax Refunds is on July 17. Fortunately, unlike the late filing of tax returns, the late filing of tax refunds will have no penalties.

READ ALSO: IRS Waives $1.2 Billion In Taxpayer Penalties, Issues Them As Refunds Instead

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