The IRS is actively seeking out 1.5 million individuals in the United States who are entitled to a combined sum of $1.5 billion in tax refunds. Time is running out, as they only have until July 17 to claim their rightful money. These unclaimed refunds originate from taxpayers who failed to file a federal return for the 2019 tax year. As a result of the pandemic’s onset, the IRS extended the tax filing deadline to July 15, 2020, due to the health emergency.
While the majority of Americans file their tax returns annually, certain individuals, particularly low-income households, are not obligated to do so. For example, those earning less than the standard deduction are generally exempt from filing a return with the IRS. However, some individuals may have missed the 2020 deadline due to the pandemic’s impact, as highlighted by IRS Commissioner Danny Werfel in a recent statement.
Discover Your Potential Payout: How Much Could You Receive?
The IRS has reported that the average median refund for the 2019 tax year stood at $893. However, certain taxpayers have the opportunity to receive significantly larger refunds, particularly those eligible for the Earned Income Tax Credit (EITC). The agency highlighted that in 2019, this credit reached a substantial value of up to $6,557.
For the 2019 tax year, the standard deduction amounted to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly.
Tax Filing Deadline: Important Dates for Submitting Your Tax Return
July 17, 2023: Deadline for taxpayers to postmark and address their tax returns appropriately. Consequences of Missing the Deadline: What Happens to Your Money?According to tax laws, taxpayers generally have a three-year window to file their tax returns and claim their refunds. Failure to file within this timeframe results in the funds being redirected to the U.S. Treasury Department.
In light of the extended filing date in 2020, individuals now have until July 17 to submit their 2019 tax returns and retrieve any outstanding funds owed to them. This deadline differs from the usual mid-April cutoff.