Time is running out to claim nearly $1.5 billion in tax refunds: See if you qualify

The Internal Revenue Service (IRS) announced that nearly $1.5 billion in refunds for the 2019 tax year have gone unclaimed and taxpayers have little time to avoid losing that money.

Indeed, people who have not yet filed their 2019 tax returns have until July 17 to do so, the agency said.

The average median refund is $893 for this year, and the IRS did a special state-by-state calculation to show how many people might qualify for those refunds. In the tri-state area alone, about 137,500 people (15,400 in Connecticut, 40,500 in New Jersey, and 81,600 in New York) did not file their 2019 taxes, which would amount to about $145,069,500 not claimed.

“The 2019 tax returns were due during the pandemic, and many people may have overlooked or forgotten about those refunds,” IRS Commissioner Danny Werfel said. “We want taxpayers to claim these refunds, but time is running out. People have until July 17 to file their returns. We recommend taxpayers start early to make sure they don’t miss anything.”

Under the law, taxpayers generally have three years to file and claim their tax refund. If they do not apply within three years, the money becomes the property of the US Treasury.

But for 2019 tax returns, people have more time than usual to file and claim their refunds. Typically, the normal filing deadline for claiming old refunds falls around the tax filing deadline, which in this case is April 18 of this year. But the three-year window for unfiled returns from 2019 has been extended to July 17, 2023 due to the COVID-19 pandemic emergency.

The IRS estimates the midpoint of potential unclaimed refunds for 2019 to be $893. That means half of the refunds are over $893 and half are lower.

Time is running out to file your taxes. Don’t risk having to pay heavy fines. To learn more about Telemundo, visit https://www.nbc.com/networks/telemundo

Other benefits you could lose if you don’t file your 2019 tax return

By not filing a tax return, individuals may lose more than just a refund of taxes withheld or paid in 2019. Many low- and middle-income workers may qualify for the Earned Income Tax Credit (EITC ). For 2019, the credit was worth up to $6,557. The EITC helps individuals and families whose income is below certain thresholds in 2019. Those who may qualify for the EITC in 2019 had an income below:

• $50,162 ($55,952 if married and filing jointly) for those with three or more eligible children.
• $46,703 ($52,493 if filing jointly) for individuals with two qualifying children.
• $41,094 ($46,884 if married and filing jointly) for those with an eligible child.
• $15,570 ($21,370 if filing jointly) for eligible individuals without children.

The IRS reminds taxpayers requesting a 2019 tax refund that their checks may be withheld if they have not filed 2020 and 2021 tax returns. In addition, the refund will apply to any amounts still owed to the IRS or a state tax agency and can be used to offset unpaid child support or outstanding federal debts, such as student loans.

Current and prior year tax forms (such as Forms 1040 and 1040-SR for the 2019 tax year) and instructions are available on the Forms, Instructions, and Publications page or by calling the toll-free number 800-TAX-FORM (800-829-3676) .

How to file a 2019 tax return

People should start early to ensure they have enough time to file before the July 17 deadline for 2019 refunds. Here are some options:

• Request copies of key documents: Taxpayers who miss Forms W-2, 1098, 1099, or 5498 for the years 2019, 2020, or 2021 should request copies from their employer, bank, or other payer.
• Use Get Transcript Online at IRS.gov. Taxpayers who are unable to obtain the missing forms from their employer or other payer can request a free transcription of wages and earnings on IRS.gov through the Get Transcript Online tool. For many taxpayers, this is the quickest and easiest option.
• Or request a transcriptAnother option is for individuals to file Form 4506-T with the IRS to request a “Transcript of Wages and Income.” A wage and income transcript shows data from information returns received by the IRS, such as Forms W-2, 1099, 1098, Form 5498, and IRA contribution information. Taxpayers can use the information from the transcript to file their tax return. But plan ahead: these written requests can take several weeks; people are encouraged to try the other options first.

Estimated number of people by state in the country who may be liable for 2019 income tax refunds

To see other states go here.

Time is running out to file your taxes. Don’t risk having to pay heavy fines. To learn more about Telemundo, visit https://www.nbc.com/networks/telemundo