FINANCE
Unclaimed tax refunds: How to know if the IRS owes you money and how to claim it
The IRS has put out a call to file your 2019 tax return if not done so already as an average refund of nearly $900 awaits those yet to complete one.
Filers for the tax year of 2019 should check if they have filed their tax return with billions of dollars still unclaimed, the IRS reports.
In an announcement earlier this month, the IRS said nearly $1.5 billion in refunds for tax year 2019 are still unclaimed. Nearly 1.5 million taxpayers are eligible. The average median refund is $893.
“The 2019 tax returns came due during the pandemic, and many people may have overlooked or forgotten about these refunds,” IRS commissioner Danny Werfel said in a statement. “We want taxpayers to claim these refunds, but time is running out… We recommend taxpayers start soon to make sure they don’t miss out.”
There is a three-year limit on claiming a tax refund so there is still time to claim. The deadline is 17 July, 2023 as the filing period ended in 2020.
The IRS also reminded taxpayers seeking a 2019 tax refund that their payments might be held if they have not yet filed tax returns for 2020 and 2021.
Current and previous year tax forms such as those needed to file your 2019 return are available on the IRS website under Forms, Instructions & Publications page or by calling 1-800-829-3676 for free.
How to check the status of your tax return
The IRS has a tool called “Where’s My Refund” which is accessible online. This allows taxpayers to check the status of their refund after providing their Social Security Number, the refund total, and their tax filing status. Information is available 24 hours after a filing has been submitted. Another good use of the tool is its notifications if there is an error with an application, allowing filers to make changes quickly. This will require your return to be sent electronically instead of paper.
Once your return has been processed and your refund confirmed, the Where’s My Refund? portal will give you the following information:
- The date on which your return was received by the IRS
Confirmation that your refund has been approved
- Notification that the refund has been distributed and should be on its way to your account
For those who have not seen any changes to their filing status and filed a paper return, the IRS offers a help line which can be reached at 1-800- 829-4477.