IRS Warns of Upcoming Deadline to Claim $1.5 Billion in Refunds
The Internal Revenue Service (IRS) has announced that it has refunds totaling $1.5 billion available for those who did not file their 2019 tax return. However, taxpayers have a limited amount of time left to claim their money.
Deadline for 2019 Tax Return Filing
Those who are eligible for a refund have until July 17 to file their 2019 tax return. The IRS Commissioner, Danny Werfel, advises taxpayers to review their documents and act quickly before the deadline passes.
- The average refund amount is almost $900, with approximately 1.5 million people eligible for unclaimed refunds. In California and Texas, alone, there are around 145,000 people who are entitled to unclaimed refunds.
Earned Income Tax Credit
Eligibility for a key tax credit known as the Earned Income Tax Credit (EITC) is also available. In the tax year 2019, this credit could be as much as $6,557 for some households, according to the IRS.
- The EITC is a credit that is designed specifically to help low- and moderate-income taxpayers. The income threshold for households with three or more qualifying dependent minors was $50,162 or less. For those with two qualifying minors, the threshold was $46,703 or less. Households with one qualifying minor had a threshold of $41,094 or less. And for those with no qualifying minors, the threshold was $15,570 or less. These amounts may vary if couples are filing jointly.
Steps to Follow to File 2019 Tax Return
- To file a 2019 tax return, the necessary documents, such as income statements and W-2 forms, are required. If you don’t have them with you, you may request them from your employer or bank. Alternatively, you can use the ‘Online Transcript’ tool on the IRS website to obtain income and wage records. This tool is also available in Spanish.
- Be aware that if you have not filed your 2020 and 2021 tax returns, the IRS may withhold your possible refund check.
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