Current:Home > StocksIRS says $1.5 billion in tax refunds remain unclaimed. Here's what to know.-LoTradeCoin
IRS says $1.5 billion in tax refunds remain unclaimed. Here's what to know.
View Date:2024-12-23 16:13:46
The IRS is eager to track down 1.5 million Americans who are owed a combined $1.5 billion in tax refunds, and the clock is ticking — they only have until July 17 to claim their money.
The unclaimed refunds stem from taxpayers who didn't file a federal return for tax year 2019. Taxes for that year were due to be filed in 2020 — the first year of the pandemic, when the IRS extended the tax filing deadline to July 15, 2020, because of the health emergency.
While most Americans file annual tax returns, some people — mostly low-income households — aren't required to do so. For instance, people who earn less than the standard deduction generally don't have to file a return with the IRS. But some people may have simply missed the deadline in 2020 due to the pandemic, IRS Commissioner Danny Werfel said in a statement on Thursday.
"We don't want people to miss their window to receive their refund," he said. "We encourage people to check their records and act quickly before the deadline."
The standard deduction in 2019 was $12,200 for individuals, $18,350 for heads of household and $24,400 for married couples filing jointly
How much could I get?
The average median refund for tax year 2019 was $893, according to the IRS.
But some taxpayers could get far more, especially those who qualify for the Earned Income Tax Credit, the agency noted. That credit was worth as much as $6,557 in 2019.
By when do I have to file a tax return?
Taxpayers must properly address and get the tax return postmarked by July 17, 2023.
What happens to the money if I miss the deadline?
Under the law, taxpayers usually have three years to file and claim their tax refunds. If they don't file within that time, the money goes to the U.S. Treasury Department.
Because of the delayed filing date in 2020, Americans have until July 17 to file their 2019 tax return and claim any money that is owed to them, rather than the typical mid-April deadline.
- In:
- IRS
- Tax Refund
veryGood! (69)
Related
- MLS Star Marco Angulo Dead at 22 One Month After Car Crash
- Andrea Bocelli shares voice update after last-minute Boston, Philadelphia cancellations: It rarely happens
- Los Angeles Chargers QB Justin Herbert suffers right index fracture vs. Denver Broncos
- Inside Kylie Jenner and Timothée Chalamet’s “Cozy” Date Night at Wonka Premiere
- Fate of Netflix Series America’s Sweethearts: Dallas Cowboys Cheerleaders Revealed
- Biden goes into 2024 with the economy getting stronger, but voters feel horrible about it
- Despite deflating OT loss, Rams don't hear death knell for playoff hopes
- Horoscopes Today, December 9, 2023
- Blake Shelton Announces New Singing Competition Show After Leaving The Voice
- Elon Musk restores X account of Alex Jones, right-wing conspiracy theorist banned for abusive behavior
Ranking
- 'Yellowstone' premiere: Record ratings, Rip's ride and Billy Klapper's tribute
- Taylor Swift's 'The Eras Tour' movie nominated for Golden Globe
- Here's What to Give the Man in Your Life to Sneakily Upgrade His Style For the Holidays
- Supreme Courts in 3 states will hear cases about abortion access this week
- Jana Duggar Reveals She's Adjusting to City Life Amid Move Away From Farm
- Elon Musk reinstates Sandy Hook conspiracy theorist Alex Jones' X account
- Person of interest taken into custody in killing of Detroit synagogue leader Samantha Woll
- Vermont Sheriff’s Association calls for sheriff who kicked shackled prisoner to resign
Recommendation
-
King Charles III celebrates 76th birthday amid cancer battle, opens food hubs
-
Biden attends shiva for Norman Lear while in Los Angeles for fundraisers
-
Man arrested, charged with murder in death of 16-year-old Texas high school student
-
Sudan’s generals agree to meet in efforts to end their devastating war, a regional bloc says
-
Florida State can't afford to fire Mike Norvell -- and can't afford to keep him
-
New Mexico court reverses ruling that overturned a murder conviction on speedy trial violations
-
The Golden Globe nominees are out. Let the awards season of Barbenheimer begin – Analysis
-
Why protests at UN climate talks in UAE are not easy to find