DNY59 / Getty Photos/iStockphoto
How’s this for a change: The IRS needs to pay you cash, and the company goes to nice lengths to get the phrase out. In case you qualify, you may get $900 or extra — however you solely have a few months left to say your cash.
Uncover: This Secret IRS Loophole Lets You Scale back Your Retirement Taxes
Be taught: 3 Indicators You’re Critical About Elevating Your Credit score Rating
Final month, the IRS introduced that just about 1.5 million folks have unclaimed refunds for tax yr 2019 and estimated the whole at $1.5 billion. The median refund is $893. To qualify for the refund, you could submit your 2019 return by July 17, 2023.
Usually, taxpayers have three years to file and declare their tax refunds. In the event that they don’t file inside three years, the cash turns into the property of the U.S. Treasury. For 2019 tax returns, nonetheless, taxpayers got extra time than standard to file taxes and declare refunds due to the COVID-19 pandemic that hit throughout the 2020 tax season.
The three-year window for 2019 unfiled returns was postponed to July 17, 2023. The IRS issued Discover 2023-21 on Feb. 27, 2023, offering authorized steerage on claims made by the postponed deadline.
“The 2019 tax returns got here due throughout the pandemic, and many individuals might have missed or forgotten about these refunds,” IRS Commissioner Danny Werfel mentioned in an April 12 information launch. “We wish taxpayers to say these refunds, however time is operating out. Individuals face a July 17 deadline to file their returns. We advocate taxpayers begin quickly to verify they don’t miss out.”
The IRS is so anxious to unfold the phrase that it issued a tweet on April 26 with the next message: “You’d usually have as much as 3 years to say a tax refund, however as a result of pandemic, #IRS prolonged the deadline to file your 2019 tax return to July 17, 2023. In case you didn’t file, don’t miss out.”
The tweet additionally made use of the ever-popular cat meme by displaying a picture of a cat holding a greenback invoice and issuing this public service tip: “Like discovering money? There’s $1.5 billion in tax refunds but to be claimed from 2019.”
Story continues
Within the information launch, the IRS suggested that not submitting a 2019 tax return may have penalties past simply shedding out on a tax refund. Many low- and moderate-income taxpayers may also be eligible for the Earned Revenue Tax Credit score (EITC).
Take Our Ballot: Are You Planning To Purchase or Promote a Home This 12 months?
Discover Out: Scale back Your Social Safety Tax Invoice Utilizing These Ideas
For 2019, the credit score was price as a lot as $6,557. The EITC supplies monetary reduction to Individuals whose incomes had been beneath sure thresholds in 2019. You may be eligible when you meet these earnings standards:
$50,162 ($55,952 if married submitting collectively) for these with three or extra qualifying youngsters
$46,703 ($52,493 if married submitting collectively) for folks with two qualifying youngsters
$41,094 ($46,884 if married submitting collectively) for these with one qualifying youngster, and
$15,570 ($21,370 if married submitting collectively) for folks with out qualifying youngsters
The IRS additionally issued a reminder that 2019 tax refunds may be held when you haven’t filed tax returns for 2020 and 2021. As well as, the refund can be utilized to any quantities nonetheless owed to the IRS or a state tax company. The refund may also be used to offset unpaid youngster assist or late federal money owed reminiscent of pupil loans.
Present and prior yr tax kinds (such because the tax yr 2019 Kinds 1040 and 1040-SR) and directions can be found on the Kinds, Directions & Publications web page or by calling toll-free 800-829-3676.
Extra From GOBankingRates
This text initially appeared on GOBankingRates.com: The IRS May Owe You $900: However Time Is Operating Out To Declare Your Cash