Learning the way to find out if the IRS owes you some money from a check could be worthwhile. Any additional sum of money you can add up to your budget will definitely come in handy. There are still some people who qualified for a tax refund check from 2019 but they never claimed that cash. Yes, it is true.
Even if the tax season is over, remember it started last January 23 and ended on April 18, some taxpayers have the opportunity to claim until July 17, 2023. This will be the final deadline for those who have not claimed their 2019 tax refund check. The IRS has recently made an announcement to warn citizens about this.
Perhaps you believe that it might not be much money, but it is quite the opposite. The Internal Revenue Service has found out that nearly 1.5 billion in refunds have not been claimed. All that money belongs to the 2019 tax season alone. On average, the median refund is 893 dollars. This is a lot of cash to invest or save.
Why have so many people forgotten about their tax refund checks from 2019?
Apparently, the IRS believes many taxpayers did not file because of the pandemic. They have even calculated the number of people who have not claimed their refunds in every state. Obviously, they have made this announcement to let people know about their rightful money. But time is running out they claim.
It is advisable to start filing those tax refunds now to be able to collect those checks that could be worth 893 dollars on average. Despite the fact that you only have three years to claim that tax refund check, the IRS has made an extension so that American citizens can collect that necessary cash for the current inflation.
Missing out on this opportunity could be a blow to the financial situation of many American families. Unless these tax refund checks are claimed, the U.S. Treasury will be the one that will take advantage of it. It will soon become its property. Normal tax refund claims are over by the April tax season deadline.
What could be the possible amounts for my 2019 tax refund?
If you are one of those who have not filed your 2019 tax refund yet, there are two possibilities. Approximately, half of the refunds are even higher than 893 dollars. That means your refund could be a lot more. However, if you are not so lucky, it will be less than 893 dollars. Just like before, about 50% of the checks.
Therefore, the remaining tax refund checks will be lower than 893 dollars. Anyway, it does not matter if it is more or less money, the important thing is that you did not expect that extra income. Whether you could use it as an emergency fund, in investing, going on holiday or any other necessary expenses does not matter.
It was last February when the IRS issued a warning about this topic. They made it to provide legal guidance to those who can benefit from this filing extension for their 2019 tax refund. What is more, Danny Werfel, IRS commissioner, said that during the pandemic people lived in unusual situations and it affected them.
Who is likely to have forgotten or overlooked their 2019 tax refunds?
According to Danny Werfel, it is often the case for students. Besides, many part-time workers may not even know that they can collect a tax refund check. Others who have a low income may also overlook filing their tax returns. This IRS commissioner strongly recommends gathering and reviewing records now.
There is no time to waste since the July deadline is coming soon. If you are certain that you did not file, why not check if you can collect some money? There is no point in risking the money and final deadline. Apart from the tax refunds they may get, they could be entitled to different credits which could boost it.
Take for example the fact that many low- or moderate-income taxpayers that can take advantage of the EITC. EITC stands for the Earned Income Tax Credit. Bear in mind that the amount of that credit was as high as 6,557 dollars. It is a way to help people who do not reach specific thresholds. Click here to see more information about this 2019 tax return check.