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Federal Tax

Reminder: Time Is Running Out for Taxpayers to Claim 2019 Refunds

Thomson Reuters Tax & Accounting  

· 5 minute read

Thomson Reuters Tax & Accounting  

· 5 minute read

Time is running out for taxpayers to claim a 2019 refund, according to an IRS News Release. Taxpayers owed a refund for 2019 must file their 2019 returns by July 17, 2023, or lose their refund. (IR 2023-122, 6/30/2023)

Under the law, taxpayers usually have three years to file returns to claim their tax refunds. If they don’t file within three years, the money becomes the property of the U.S. Treasury. The IRS estimates almost $1.5 billion in refunds for 2019 haven’t been claimed yet because taxpayers haven’t filed their 2019 returns. The average median refund for 2019 was $893.

Note. To claim a 2019 refund, taxpayers must properly address and mail their 2019 tax return by July 17, 2023. The most secure way to ensure the IRS gets the return is to use certified mail that is postmarked on or before July 17.

In addition to losing their refunds, taxpayers may also lose any tax credits for 2019. For 2019 the Earned Income tax Credit was worth as much as $6,557. Taxpayers with three or more qualifying children and incomes up to $50,162 ($55,952 for joint filers) are eligible for the EITC.

Note. The IRS may hold taxpayers refunds if they haven’t filed a return for 2020 and 2021. Refunds may also be diverted if the taxpayer owes money for child support or other past due state or federal debts.

Current and prior-year tax forms (such as the 2019 Forms 1040 and 1040-SR) and instructions are available on IRS.gov or by calling toll-free 800-TAX-FORM (800-829-3676).

According to the IRS, taxpayers who need copies of documents to complete their returns can:

  • request copies of their 2019 Forms W-2, 1098, 1099 or 5498 from their employer, bank or other payers.
  • order a free wage and income transcript using the IRS’s Get Transcript Online tool. The IRS says that for many taxpayers, the online transcript tool is the quickest and easiest way to obtain transcripts.

For more information about the time limits for filing refund claims, see Checkpoint’s Federal Tax Coordinator ¶ T-7500 et seq.

 

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