The Internal Revenue Service IRS is still determined to help individuals who have yet to file their 2019 tax returns. A remarkable $1.5 billion in unclaimed tax refunds is waiting to be paid. Fortunately, there is still time to take action as the deadline has not yet arrived. It’s important to note that there will be no further extensions granted by the IRS.
Missing out on this IRS tax refund could have a significant impact on your finances. Surprisingly, even with the previous tax return extension, there were still 1.5 million taxpayers who had not filed. You might be wondering why the IRS has allowed taxpayers to file their 2019 tax returns until July 17. The primary reason behind this extension is the lingering effects of the pandemic. Many individuals either forgot to file or mistakenly believed they had no filing obligation.
Unveiling the Average Amount of IRS Tax Refund Checks
According to the Internal Revenue Service (IRS), the average median tax refund stands at approximately $893. This substantial sum can provide a welcome financial boost if you are eligible to receive it. Moreover, the IRS asserts that some individuals may be entitled to claim even larger amounts. Therefore, if you haven’t filed your tax return yet, you could be wasting valuable time and potentially missing out on additional funds.
It’s important to keep in mind that the Internal Revenue Service (IRS) might owe you additional funds through eligible tax credits. However, in order to receive this payment, you must have filed both your 2020 and 2021 tax returns, as stated by the IRS. Failing to do so may result in the IRS withholding your check.
Exploring Options for Collecting Documents for the 2019 Tax Return
The Internal Revenue Service (IRS) understands that some taxpayers may encounter difficulties in obtaining all the required information for their 2019 tax return. As a first step, the IRS suggests requesting copies of essential documents from relevant sources such as your bank, employer, or payer. Forms W-2, 1098, 1099, or 5498 for the year 2019 can be obtained from these entities.
To streamline the process, the IRS recommends utilizing the Get Transcript Online tool. This user-friendly tool not only provides convenience but also offers a swift and cost-free way to obtain a wage and income transcript.
Another option to acquire transcripts is by submitting Form 4506-T. However, due to the extended processing time, it is not a viable choice for meeting the July 17 deadline for the IRS 2019 tax return.
If you have already filed your 2019 tax return and received your refund check, which could be $900 or more, consider spreading the word to those around you. It’s important to inform others, particularly part-time workers, low-income individuals, and students, as they may also have unclaimed funds from the IRS. Encouraging others to explore their eligibility can potentially help them benefit from this opportunity as well.