Up To $1.5 Billion Unclaimed Tax Refunds From IRS: 1.5 Million Americans May Be Eligible, Check Here How To Claim!

Up To $1.5 Billion Unclaimed Tax Refunds

The IRS has set July 17 as the cutoff date for individuals to retrieve their refunds from the 2019 tax year. While most Americans file their tax returns annually, those with low-income households who earn below the standard deduction threshold – $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly in 2019 – are typically exempt from filing with the IRS, as reported by CBS News.

IRS Commissioner Danny Werfel emphasized in a statement on June 8 that the pandemic might have caused some individuals to overlook the filing deadline in 2020.

With time running out, Werfel urged individuals to take action swiftly: “We don’t want people to miss their window to receive their refund. We encourage people to check their records and act quickly before the deadline.”

Under federal law, taxpayers have three years to file and claim their tax refunds. Failure to claim within this period results in the funds being transferred to the U.S. Treasury. However, due to the pandemic, the window for unfiled 2019 returns has been extended until July 17, 2023, allowing individuals more time to retrieve their refunds.

According to the IRS, the average median refund for 2019 amounted to $893. However, taxpayers may also be missing out on the Earned Income Tax Credit, which could have been as much as $6,557 in 2019.

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How to Ensure Eligibility For The Unclaimed Tax Refunds?

To ensure eligibility for these unclaimed tax refunds, the IRS advises individuals to check their records and file their 2019 tax return before the looming July deadline. Options available for individuals include requesting copies of missing documents such as W-2 or 1099 forms from employers, banks, or other payers. Additionally, individuals can utilize the “Get Transcript Online” tool on the IRS website to obtain a free wage and income transcript if necessary. Another avenue is to file Form 4506-T, the “Request for Transcript of Tax Return,” to acquire a “wage and income transcript” from the IRS, which can then be used to file a tax return.

Don’t let your unclaimed tax refund slip away – act promptly and ensure you receive what you are owed before it’s too late.

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