Are you one of the nearly 1.5 million taxpayers across the nation who may be due a tax refund from 2019? The Internal Revenue Service (IRS) is issuing a final call: you have until the fast-approaching deadline of July 17, 2023, to claim your unclaimed money. With an estimated average median refund of $893 for the 2019 tax year, it’s definitely worth checking if some of that money is yours.
Understanding IRS Unclaimed Money
“Irs Unclaimed Money” refers to tax refunds that go unclaimed because taxpayers didn’t file a federal income tax return within three years of the original filing deadline. Life gets busy, and sometimes tax filing slips through the cracks, especially during times of disruption like the recent pandemic. This can lead to situations where the IRS is holding money that rightfully belongs to you. This unclaimed refund isn’t just a few dollars; for 2019 alone, the IRS estimates nearly $1.5 billion remains unclaimed.
A significant portion of this unclaimed money could be attributed to the Earned Income Tax Credit (EITC). This valuable tax credit is designed to help low- to moderate-income workers and families, and it can substantially boost a tax refund. In 2019, those who qualified for the EITC could have received as much as $6,557. Eligibility for the EITC in 2019 depended on income levels, with thresholds varying based on filing status and the number of qualifying children. For instance, families with three or more qualifying children with incomes between $50,162 (or $55,952 if married filing jointly) could be eligible. Even individuals without qualifying children with incomes under $15,570 (or $21,370 if married filing jointly) might qualify. It’s crucial to remember these are just a few examples, and the full income thresholds can be found on the IRS website or in the 2019 tax year instructions.
The July 17, 2023 Deadline: Time is Running Out
The standard rule is that taxpayers have a three-year window to file and claim their tax refunds. For the 2019 tax year, this deadline would normally have been in 2023. However, due to the COVID-19 pandemic emergency, the IRS extended the deadline to July 17, 2023. This date is a hard deadline. If you don’t file your 2019 tax return by this date, the unclaimed refund money reverts to the U.S. Treasury. To ensure your claim is valid, make sure your tax return is properly addressed, mailed, and postmarked by July 17, 2023. Don’t delay – time is of the essence to retrieve your potential refund.
It’s also important to be aware that the IRS may hold your 2019 refund if you have outstanding tax returns for subsequent years, specifically 2020 and 2021. Furthermore, your refund can be applied to other outstanding debts. This includes not only debts owed to the IRS or a state tax agency but also federal debts such as unpaid child support or past-due student loans. Even if you anticipate offsets, filing is still crucial to determine if any portion of your refund remains after these obligations are settled.
How to Claim Your 2019 Tax Refund
Taking action to claim your 2019 tax refund is straightforward, even if it has been a few years. The first step is gathering the necessary tax documents. If you’re missing crucial forms like Form W-2, Form 1098, Form 1099, or Form 5498 for 2019 (or even 2020 or 2021, if needed), there are several ways to obtain them. Ideally, you can request copies directly from your employer, bank, or other payers who originally issued these documents.
If obtaining these forms directly proves difficult, the IRS offers convenient online tools. The quickest and easiest method for many is using Get Transcript Online at IRS.gov. This tool allows you to access a wage and income transcript which contains the essential information from forms like W-2s and 1099s needed to file your tax return. Alternatively, you can request a transcript by mail by submitting Form 4506-T, Request for Transcript of Tax Return to the IRS. While this option is available, it is generally slower, and the IRS recommends trying the online options first due to processing times for mail-in requests. Remember, you will need to use the 2019 tax forms, specifically Form 1040 and Form 1040-SR, which are available on the IRS website’s Forms, Instructions & Publications page or by calling the IRS toll-free at 800-TAX-FORM (800-829-3676).
State-by-State Estimates of Unclaimed Refunds
The potential for unclaimed refunds isn’t just a national issue; it affects individuals in every state. The IRS provides state-by-state estimates highlighting the number of individuals who may be eligible for refunds and the median potential refund amount in each state. For example, states like California and Texas have the highest estimated number of individuals with unclaimed refunds, reflecting their large populations. However, substantial unclaimed money exists across all states. While the median potential refund gives an idea of the average, the actual refund amount will vary significantly depending on each household’s specific tax situation and income.
This state-by-state data underscores the widespread nature of unclaimed IRS money and reinforces the importance of checking if you are due a refund, regardless of your location.
Conclusion: Don’t Miss Out on Your Money
The July 17, 2023, deadline to claim your 2019 IRS tax refund is rapidly approaching. Billions of dollars in refunds are waiting to be claimed, and a portion of that could be yours. Don’t let this opportunity pass you by. Take action now: gather your documents, explore the IRS’s online tools to obtain any missing information, and file your 2019 tax return before the deadline. Visit IRS.gov today to access forms and resources, and ensure you don’t leave your money unclaimed.
