The clock is ticking for taxpayers who have yet to claim their 2019 tax refunds, as the deadline approaches in just three days.
Up to $6,557 2019 Tax Refund
According to the IRS, approximately 1.5 million people still have unclaimed federal refunds or 2019 tax refunds, with an average median refund of $893 for the year 2019. The specific refund amount varies depending on the tax status of each household, and individuals with low to moderate incomes may qualify for an earned income tax credit (EITC).
The EITC can provide a maximum credit of $6,557 for those whose 2019 income meets the qualifying criteria. It is a tax benefit that is adjusted annually for inflation and is available to both part-time and full-time employees.
To be eligible for the EITC, taxpayers must meet certain income thresholds. For single individuals without qualifying children, the income limit is $15,570, while single individuals with one qualifying child must have an income below $41,094. If applicants are married or filing jointly with one child, the income limit is $46,884. Further details and income limits can be found on the IRS website.
Taxpayers who require important documents for their 2019 tax refunds can request copies from their employer or bank, or they can order an income transcript through the IRS government website. Additionally, the IRS offers a free wage and income transcript through the Get Transcript Online tool.
2019 Tax Refund
Commissioner Danny Werfel emphasized the urgency for individuals who may have overlooked filing during the pandemic to take prompt action before the opportunity to claim a potentially substantial 2019 tax refund is lost.
Time is of the essence for taxpayers to seize the opportunity and secure their 2019 tax refunds before it’s too late. Act now to ensure you don’t miss out on any unclaimed funds that you are entitled to.