PROFIT FROM IT: IRS Says $1.5 Billion in 2019 Tax Refunds Are Unclaimed | Opinion
While I am taking some vacation and normally don’t write a column while doing so, I thought it important to post a quick reminder of something I wrote about back in April, specifically, that the IRS says there are still approximately 1.5 million people across this great land who have unclaimed 2019 tax refunds they are about to lose because they have not filed 2019 federal tax returns.
The good news is, if you are one of those 1.5 million non-filers, there is still time to file and claim your refund, but you must do so by July 17, which is fast approaching!
IRS Commissioner Danny Werfel said in a recently released statement, “Time is running out for more than a million people to get their tax refunds for 2019. Many people may have overlooked filing a 2019 tax return due to the pandemic. We don’t want people to miss their window to receive their refund. We encourage people to check their records and act quickly before the deadline.”
By not filing a tax return, some people could lose more than just the refund of income taxes withheld or estimated taxes paid during 2019. Many low- to moderate-income workers may be eligible for the Earned Income Tax Credit (EITC) worth up to $6,557 for 2019. The EITC is refundable whether or not you have actually had any taxes withheld or otherwise paid in.
Another thing to know is if you file for a 2019 tax refund but have not filed tax returns for 2020 and 2021, your refund could be held until you file those returns. In addition, refunds will be applied to any amounts still owed to the IRS or a state tax agency and may be used to offset unpaid child support or past due federal debts, such as student loans.
Still, it’s to your benefit to file even if the money is applied to such an obligation, as that helps you satisfy your debt that much sooner. So don’t miss out! Get those 2019 income taxes filed asap, and don’t forget about your state income tax return too.
Lane Keeter, CPA is the Senior Partner of EGP, PLLC, CPAs & Consultants (www.egpcpas.com), a full-service financial firm with offices around Arkansas, Managing Partner of EGP’s Heber Springs office, and winner of The Sun-Times Reader’s Choice Award for Best Accountant.
Lane Keeter, CPA is the Senior Partner of EGP, PLLC, CPAs & Consultants (www.egpcpas.com), a full-service financial firm with offices around Arkansas, Managing Partner of EGP’s Heber Springs office, and winner of The Sun-Times Reader’s Choice Award for Best Accountant.
