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Deadline for Texas Unclaimed Tax Refund 2019 is Approaching

Deadline for Texas Unclaimed Tax Refund 2019 is Approaching
The Internal Revenue Service estimates that $1.5 billion in 2019 tax refunds were still unclaimed as of April 15th. (Photo: Olga DeLawrence/Unsplash)

The IRS has revealed that almost 1.5 million Americans are eligible for tax refunds for tax year 2019, but they must file their unclaimed tax refund by July 17.

Deadline for Texas Unclaimed Tax Refund 2019 is Approaching

The Internal Revenue Service has announced that over 1.5 million U.S. citizens are due tax refunds for the 2019 tax year if they file by July 17. (Photo: Wochit)

Unclaimed Tax Refund Until July 17

As of April 15, the IRS believes that about $1.5 billion in unclaimed tax refunds for tax year 2019 had gone unclaimed. The IRS has done a particular calculation per state to indicate how many people may be entitled for this year’s typical median return of $893. It is expected that 135 300 Texans statewide will be eligible for a refund. A total of $142,235,200 is owed in refunds to Texans, with an average refund of $924. IRS Commissioner Danny Werfel noted that because to the pandemic, many people may have overlooked or forgotten about these refunds on their 2019 tax forms.

Time is running out for taxpayers to file for these unclaimed tax refund, which we encourage them to do. The deadline for unclaimed tax refund is July 17. To avoid missing out, we advise taxpayers to get started as soon as possible. The statute of limitations for filing tax returns and claiming refunds is three years. If they don’t report it to the IRS within three years, it will be turned over to the federal government. However, the deadline to file a tax return and receive a refund has been extended for 2019.

The typical filing period for claiming back taxes is around the April tax deadline, which is April 18 for 2022 tax returns. However, because to the COVID-19 pandemic emergency, the deadline for filing tax returns for 2019 has been extended by three years, until July 17, 2023. The Internal Revenue Service extended the filing date for certain claims and published Notice 2023-21 on February 27, 2023. The median amount of unclaimed tax refunds for 2019 is estimated by the IRS to be $893. This means that 49% of all returns are $893 or more and 51% are $892 or less.

READ ALSO: Early Tax Filers Who Reported Tax Refunds as Taxable Last Year Should File for An Amended Tax Return This Year, IRS Advises

$1.5 Billion Unclaimed Tax Refund

Due to the timing of the pandemic in relation to the 2019 tax filing season, many people were put in highly unexpected circumstances. Werfel speculated that the extended deadline of July caused many to forget about their tax refunds. Students, part-timers, and others with low incomes often fail to file tax returns, even though they may be entitled to a refund. To avoid missing the July deadline, we recommend that you evaluate your records and begin gathering documentation immediately. Individuals risk losing more than just their refund of taxes withheld or paid in 2019 if they fail to file a tax return. To many workers, the Earned Income Tax Credit (EITC) may be available with low and moderate incomes.

This credit could be worth up to $6,557 in 2019. In 2019, the EITC benefits those with incomes below specific levels. Potential EITC recipients in 2019 have annual salaries of: those with three or more qualifying children will receive $50,162 ($55,952 if married filing jointly); those with two qualifying children will receive $46,703 ($52,493 if married filing jointly); those with one qualifying child will receive $41,094 ($46,884 if married filing jointly); and those without qualifying children will receive $15,570 ($21,370 if married filing jointly).

If you haven’t filed your taxes for 2020 or 2021, the IRS may withhold your refund check for those years. In addition, any outstanding balances owed to the Internal Revenue Service or a state tax agency, as well as past-due child support or federal debts like student loans, will be subtracted from the return. The Forms, Instructions & Publications page or the toll-free number 800-TAX-FORM (800-829-3676) can be used to obtain tax documents and instructions for the current and previous tax years, including the 2019 Forms 1040 and 1040-SR.

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