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FINANCE

2019 tax refund deadline: When is the last chance to claim your money?

More than one million taxpayers have until 17 July, today, to claim an IRS tax refund of nearly $900. The deadline is imminent.

Update:
IRS TREAS 310 and how is it related to 2022 tax returns

In late June, the Internal Revenue Service (IRS) issued a reminder to the nearly 1.5 million people nationwide who are eligible to file a claim tax refund of nearly $900. The IRS says it has millions of refunds that remain unclaimed because people haven’t filed their 2019 tax returns yet. According to the agency, the average refund is $893.

To claim it, taxpayers have to meet the 17 July deadline to submit their return; this is the last warning!

Time is running out for those taxpayers who may have a refund pending”, according to IRS Commissioner Danny Werfel.

“The deadline ends July 17 for taxpayers who did not file a 2019 tax return. The IRS continues to encourage those who may have missed filing taxes during the pandemic to act quickly before losing their last chance to claim a substantial refund,” he added.

According to regulations, individuals are given a three-year window to submit their tax returns and request refunds. Failure to meet this deadline results in the funds being transferred to the possession of the US Treasury Department.

However, for the 2019 tax returns individuals have been granted an extended period to file and claim their refunds due to an exception prompted by the covid-19 pandemic emergency.

Taxpayers can also claim up to $6,557 of the EITC

In addition to refunds, low- and moderate-income working taxpayers may be eligible for the Earned Income Tax Credit. For the 2019 tax year, this tax credit amounted to $6,557. Taxpayers also have until July 17 to claim it when filing their 2019 return.

The EITC is a federal tax refund that is fully refundable, meaning if your tax burden is reduced to $0 then the IRS will pay you the difference.

The 2019 refund may be withheld if taxpayers have not filed tax returns for 2020 and 2021. The refund amount could also be decreased if there are taxes or penalties owed to the IRS or to a state tax agency. It can also be used to offset unpaid child support or past-due federal debts, such as student loans.

For more information, visit the website of the IRS.