[New post] IRS Urges Taxpayers to Claim Refunds Before July Deadline
David M. Higgins II, Publisher/Editor posted: " WASHINGTON ? With the July 17, 2023, deadline quickly approaching, the Internal Revenue Service (IRS) is issuing a final reminder to approximately 1.5 million taxpayers nationwide to claim their refunds for tax year 2019. According to the IRS, the averag" The Southern Maryland Chronicle
WASHINGTON ? With the July 17, 2023, deadline quickly approaching, the Internal Revenue Service (IRS) is issuing a final reminder to approximately 1.5 million taxpayers nationwide to claim their refunds for tax year 2019. According to the IRS, the average median refund for tax year 2019 is estimated to be $893.
"Time is running out for people owed a tax refund in 2019," warned IRS Commissioner Danny Werfel. "The final window closes on July 17 for taxpayers who didn't file a tax return for 2019 to claim their refund. The IRS urges people who may have overlooked filing during the pandemic to act quickly before they lose their final chance to claim a potentially substantial refund."
It's important to note that many low- and moderate-income workers may be eligible for even larger refunds if their 2019 income qualifies them for the Earned Income Tax Credit (EITC). The income threshold for those with three or more qualifying children is $50,162 ($55,952 if married filing jointly). Individuals with two qualifying children have a threshold of $46,703 ($52,493 if married filing jointly). The threshold for those with one qualifying child is $41,094 ($46,884 if married filing jointly). Individuals without qualifying children have a threshold of $15,570 ($21,370 if married filing jointly).
Under the law, taxpayers typically have three years to file and claim their tax refunds. Failure to file within this timeframe results in the funds becoming the property of the U.S. Treasury. To meet the deadline, taxpayers must ensure that their tax returns are properly addressed, mailed, and postmarked by July 17, 2023.
The IRS is reminding taxpayers seeking a 2019 tax refund that their checks may be withheld if they have not filed tax returns for 2020 and 2021. Therefore, it is essential to stay up to date with filing requirements.
To assist taxpayers in gathering the necessary information to file their 2019 tax returns, the IRS has provided several options:
Request copies of key documents: Taxpayers missing Forms W-2, 1098, 1099, or 5498 for 2019, 2020, or 2021 can request copies from their employers, banks, or other payers.
Use Get Transcript Online: Taxpayers who cannot obtain the missing forms from their employers or payers can order a free wage and income transcript at IRS.gov using the Get Transcript Online tool. This option is often the quickest and easiest.
Request a transcript: Another option is to file Form 4506-T, Request for Transcript of Tax Return, with the IRS to request a "wage and income transcript." This transcript provides data from information returns received by the IRS, such as Forms W-2, 1099, 1098, Form 5498, and IRA contribution information. It's important to note that this method may take several weeks, so taxpayers must explore the other options first.
The IRS estimates that nearly $1.5 billion in refunds for tax year 2019 remain unclaimed. To provide an estimate of each state's potential refund and the number of individuals potentially eligible for these refunds, the IRS has released a state-by-state breakdown. It is important to remember that the actual refund amount will vary based on an individual household's tax situation.
Taxpayers are strongly urged to take advantage of the extended deadline and file their 2019 tax returns before July 17, 2023. By doing so, they can potentially claim significant refunds owed to them. Failure to meet the deadline could result in the forfeiture of these funds to the U.S. Treasury.
The COVID-19 pandemic emergency prompted the IRS to postpone the three-year window for filing 2019 unfiled returns, giving taxpayers more time to claim their refunds. However, as the deadline approaches, individuals must act promptly.
According to IRS estimates, the unclaimed refunds amount to approximately $1.5 billion. To provide a clearer picture, the IRS released a special state-by-state estimate detailing each state's median potential refund and the number of individuals eligible for these refunds. It is important to note that the actual refund amount will vary based on the specific tax situation of each household.
Taxpayers are encouraged to access current and prior-year tax forms, such as the tax year 2019 Forms 1040 and 1040-SR, and instructions online on the IRS Forms, Instructions, and Publications page. Alternatively, they can call the toll-free number 800-TAX-FORM (800-829-3676) for assistance.
Taxpayers must know that their refunds may be applied to any outstanding amounts owed to the IRS or a state tax agency. Additionally, these funds can be used to offset unpaid child support or federal debts, such as student loans. To gain legal guidance on claims made by the postponed deadline, taxpayers can refer to IRS Notice 2023-21.
With the July 17, 2023, deadline quickly approaching, taxpayers must take immediate action to claim their refunds for tax year 2019. This final reminder from the IRS emphasizes the importance of filing before the deadline to ensure that individuals do not miss out on potential substantial refunds. By promptly addressing their tax return and meeting all filing requirements, taxpayers can secure the refunds they are owed.
Taxpayers who are missing key documents for filing their 2019 tax returns have various options available to obtain the necessary information. They can request copies of Forms W-2, 1098, 1099, or 5498 from their employers, banks, or other payers. Alternatively, they can utilize the Get Transcript Online tool on IRS.gov to order a free wage and income transcript, which is often the quickest and easiest option. Another choice is to file Form 4506-T, Request for Transcript of Tax Return, to obtain a wage and income transcript from the IRS. However, this method may take several weeks, so taxpayers are advised to explore the other options first.
Taxpayers are reminded to act swiftly and diligently as the clock ticks down. By taking advantage of the extended deadline, individuals can ensure they receive the refunds they are entitled to for tax year 2019. The IRS urges all eligible taxpayers to file their returns promptly and avoid losing their final chance to claim their refunds.
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