The Internal Revenue Service (IRS) has revealed that many people have not yet received their tax refunds for 2019. The announcement states that there is as much as $1.5 billion in unclaimed tax refunds.
The Median Refund Amount
The average amount of these refunds is $893. That is certainly an amount that many families could benefit from in these economically challenging times. The press release says about 1.5 million people qualify for the IRS refund.Tax Returns for 2020 and 2021 Are Necessary
In order to get your 2019 tax refund, you must have filed tax returns for 2020 and 2021. Without them, the IRS says that they will not release your refund.Disaster Postponement Will Not Delay Filing Time
Although the IRS granted tax-filing delays for people involved in more recent disasters, The Washington Post says the delay does not affect the July 17 deadline for 2019 taxes. If you fail to file before that deadline, your tax rebate will go to the government, and you cannot claim it after that.Finding 2019 Tax Data
By this time, you may have difficulty finding your tax data for 2019. The Washington Post says you can get your forms from the IRS website, where you should look for the link to “Find Forms & Instructions.” Another option would be to call the IRS and order the forms you need at 800-TAX-FORM (800-829-3676).If you ask your employer for copies of your W-2 and others for any 1099s, you need to ask them for them soon. It may take some time for them to find the information and get it to you, and you do not want to miss out on the refund.
No Tax Penalties If You Are Owed a Refund
When the IRS owes you a tax refund, you will not be charged any penalties even if you are filing late. If unsure whether you may be entitled to a refund, do the calculations and file anyway—just in case.How to File
If you need to file a 2019 1040 or 1040-SR, you cannot send them electronically. Finance.Yahoo reports that you must send paper forms to the IRS. Be sure to send it certified so that you get a receipt after the IRS receives it.Claiming Earned Income Credit
Besides losing out on your tax refund if you do not file by the deadline, you may also lose the Earned Income Credit (EITC). The Hill reports that for the year 2019, people could get a maximum of $6,557. The Earned Income Credit depends on your income and helps low-income families.You can claim the Earned Income Credit if you are married and filing jointly, and have three children and earn up to $55,162 ($50,162). If you are married and filing jointly and have two children, you can claim the EITC if you earn less than $52,493 ($46,703 if single).
The IRS has made it known that if you have not yet filed your tax forms for 2019 that you may miss out on a considerable amount of money. Get started on your tax forms now to get your overpayment of taxes and get your refund and possible money from the Earned Income Credit. When you receive your money, you will be glad you did.