Unclaimed tax refunds

The Internal Revenue Service encourages taxpayers in the country to get unclaimed tax refunds as soon as possible or before the deadline ends.

Unclaimed Tax Refunds
IRS encourages taxpayers to claim the $1.5 billion unclaimed tax refunds. (Photo: Economic Times)

Unclaimed Tax Refunds

The Internal Revenue Service said that the unclaimed tax refunds have already reached $1.5 billion. The agency is now encouraging taxpayers including those who are not required by law to file their taxes to get their unclaimed tax refunds before July 17.

In a published article in CBS News, the unclaimed tax refunds stem from those who did not file a federal return for the tax year 2019. Due to a health emergency, the IRS extended the 2020 deadline to July 15, 2020.

IRS Commissioner Danny Werfel said “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.”

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Who is Eligible? How Much Unclaimed Tax Refunds Will You Receive?

According to a report published in FOX40, low-income households who are not required by the law to file their taxes should claim unclaimed tax refunds. These are people who earn less than the standard deduction and generally don’t have to file a return with the IRS.

Additionally, there are taxpayers as well who missed the deadline due to the pandemic. The IRS also said that the average tax refund for tax year 2019 was $893for tax year 2019 was $893.

However, for those who qualified for the Earned Income Tax Credit, the taxpayer will get as much as $6,557 based on the 2019 filing tax year.

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By Neil