Taxpayers Have A Limited Amount Of Time To Request $1.5 Billion In Tax Refunds

tax refund

The 2020 revenue season had been, to put it mildly, fascinating. The pandemic that year upended the country and the IRS had decided to close the on-site offices because of safety concerns.

The IRS postponed its typical April deadline to July 2020, allowing filers three more months to file their tax returns in 2019 because so many individuals were dealing with so many problems at the time. However, due to the chaos at the time, many 2019 tax returns inexplicably got lost.

There Is Still Time To Receive The Tax Refund

The Internal Revenue Service allows taxpayers three more years after a tax refund’s due date to file that refund and ask for a related refund. such who need to submit a refund for 2019 can do the same until 17th July 2023, because the due date for such forms was moved to July 2022. However, whatever return you would have received if your 2019 revenues weren’t filed by that date will be lost.

The average unclaimed tax refund for the year 2019 is pegged at $893 by the IRS. So, the amount of your tax refund may vary.

But in actuality, it should be carefully and positively planned to claim for the tax refund that is to be deposited in someone’s account instead of forfeiting it. Due to inflation, a lot of people are currently having trouble paying their payments. Therefore, even if you are only entitled to a $100 tax refund from the year 2019, you must avoid using your credit or debit cards for an additional $100. You would not need to panic about any penalty, but the truth is that you should always make arrangements to have your return money arrive in your bank account rather than forfeiting it. Due to inflation, a lot of people are currently having trouble paying their payments. 

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