Does the IRS Owe You Money? Maybe and Here’s How to Claim it!
Right now there are about 1.5 million taxpayers who never filed a 2019 tax return. That's pretty startling, but for one reason or another the didn't. So, guess what? There still may be money waiting for you if you will only file.
The IRS says you only have until July 17 to file because, as WZZM reported, there is the three-year window to claim refunds from previous years and July 17 is it, the deadline, postponed because of COVID-19 pandemic in 2020.
Amazingly, there is roughly $1.5 billion in unclaimed tax refunds from tax year 2019, according to the IRS, and if you are one of the non-filers, you could share in that over one billion dollar pot.
So, you say, what happens if I don't file my 2019 tax return? The money becomes property of the U.S. treasury, and goodbye refund!
Your refund may not be super large because the IRS says the average amount owed to taxpayers from 2019 is around $893. But, hey, that's better than a sharp stick in the eye. Besides, you could be due a whole lot more, but you have to file, and quickly.
And, some of those who did not file a 2019 return could be eligible for the Earned Income Tax Credit, which was worth up to $6,557 for that tax year.
If you're finally feeling the urge to file, and want to do it yourself, forms 1040s, 1040-As and 1040-EZs for 2018 can be found on IRS.gov.
Heads up here. If you didn't file in 2019, you possibly didn't file in 2020 or 2021. In that case, refunds may be held for those who have yet to file those returns. Also, refunds will be applied to any amounts owed to them or a state tax agency, or to offset unpaid child support or past due federal debts, including student loans.
At any rate, you'd better get on the stick. There could be a lot of money waiting for you.
LOOK: Here are 25 ways you could start saving money today