Tax Day 2022 has passed. But those who may be waiting for refunds have another deadline looming, as they have yet to file their 2019 tax returns that were due early in the pandemic.
If not submitted by the July 17 final deadline, the US Treasury will retain the funds.
The Internal Revenue Service revealed this month that about 1.5 million people have not filed their 2019 federal refunds.
The July deadline may sound like plenty of time, but it can take time to collect your paperwork for the previous tax year.
“We want taxpayers to claim these refunds,” said IRS Commissioner Daniel Werfel. statement“But time is running out.”
Taxpayers generally have three years from the date of tax payment to file and claim a refund. (If the money is returned, there is no penalty for failing to submit.)
Tax year 2019 filings were scheduled for 2020, early in the pandemic. Warfel said many people were faced with “very unusual circumstances” and may have overlooked their tax returns or forgot they were owed a refund.
Original tax filing date for 2020 I’m late Due to the pandemic, the normal three-year period was extended again until July 17, 2023, until July 15, 2023.
Some of the unclaimed refunds may be for people such as college students and part-time workers who did not earn enough to meet the filing criteria. , $12,200 for a single filer and $24,400 for a couple filing together, with an even higher threshold for those over 65.)
Lisa Green-Lewis, a CPA and spokeswoman for Turbotax, said even if they didn’t have to file a return, “people should definitely ask for a tax refund and leave the money on the table.” is not.
Refunds may also be owed to many low- and middle-income workers who qualify for the earned income tax credit.trust, value $6,557 in 2019is “refundable”. This means you can get a refund even if you are not obligated to pay taxes.
The earned income tax credit is based on income and family size. For example, in 2019, an individual with an income of up to $50,162 and three or more children could qualify for the credit, while an individual with an income of up to $15,570 and no children was eligible for the credit. You might.
You can still file your 2019 return, but don’t expect to receive a refund immediately. This is because the 2019 return must be filed on paper and the IRS will take longer to process.
Eric Bronnenkant, Head of Tax at Digital Advisors Betterment, said:
IRS spokesman Eric Smith said the agency will accept electronic filings this season and two years ago. It means you can submit.
However, the 2019 tax return “must be submitted on paper, whether you prepare it yourself or submit it with the help of a paid preparer,” he said.
2019 returns can be completed using commercial do-it-yourself tax software, but must be printed and mailed to the IRS (IRS Free File allows filers to download free tax software based on their income. program that allows access). , can only be used for current-year returns, Smith said. )
However, if you have not yet filed your return for the 2020 or 2021 tax years, you can have a tax professional do it and have it filed electronically. The IRS provides searchable listings. Qualified Author.
Smith added that the IRS is “seeking opportunities to expand e-filing, including reviewing e-filing of previous years’ returns.”
Here are some questions and answers about filing your 2019 tax return.
What if I need tax documents to complete my 2019 return?
It may take some time to obtain your W-2 statement and other documents before the July deadline, so you should collect your documents early. You can ask your employer for a copy of her W-2 and ask your bank for an interest statement. If you can’t get the form that way, the fastest option is to order a free Wages and Earnings Transcript. online IRS.gov displays information reported to the IRS Form 4506-THowever, requests can take weeks to process, so the IRS encourages people to try other options first.
If I have not filed my 2020 and 2021 tax returns, can I get my 2019 refund?
According to the IRS, if you haven’t filed your 2020 and 2021 returns, your 2019 refund check may be withheld. Refunds also apply to amounts owed to the IRS or state tax authorities. Refunds can also be used to offset unpaid child support and overdue federal debt such as student loans.
Where can I find previous year’s tax forms?
Current and previous year tax forms and instructions are available online. IRS.gov forms and publicationsor call 800-TAX-FORM (800-829-3676).
