Deadline to file 2019 tax return is July 17th, 2023.

Tax Services

The Internal Revenue Service recently announced that they currently have a whopping estimate of $1.5 billion dollars in unclaimed refunds for tax year 2019. This calculates for nearly 1.5 million people across the nation that may have qualified for a refund but did not file a federal income tax return. Time is of the essence as they are encouraging people to check their records and to act quickly in filing their tax return for year 2019 if they haven’t already done so, so these refunds can be distributed appropriately. The deadline to file the 2019 tax year return is Monday, July 17th, 2023. It is believed that these funds have remained unclaimed as being overlooked due to the extremely unusual situation experienced by the COVID-19 pandemic.

Taxpayers generally have three years to file and claim their tax refunds and if they don’t file within the time frame allowed, the money becomes the property of the U.S. Treasury. Typically, the normal filing deadline to claim old refunds falls around the April tax deadline. However, the silver lining for 2019 tax returns, is that taxpayers ultimately have more time than usual to file to claim their refunds because the three-year window for 2019 unfiled returns was postponed to July 17, 2023, due to the ripple effect caused by the pandemic emergency.

On February 27, 2023, the IRS issued  Notice 2023-21 which outlines and provides legal guidance on claims made by the postponed deadline. The law requires taxpayers to properly address, mail and make sure their 2019 tax return is postmarked by July 17, 2023. It’s important to note, that if an eligible taxpayer does not claim their 2019 tax return by the deadline they are not only running the risk of forfeiting the value of the tax return that they were potentially eligible for but could also consequently lose out on an additional tax credit, known as the Earned Income Tax Credit (which in 2019 was worth up to $6,557). The EITC income thresholds for 2019 were as follows:

  • $50,162 ($55,952 if married filing jointly) for those with three or more qualifying children;
  • $46,703 ($52,493 if married filing jointly) for people with two qualifying children;
  • $41,094 ($46,884 if married filing jointly) for those with one qualifying child, and;
  • $15,570 ($21,370 if married filing jointly) for people without qualifying children.

The IRS calculates that for the state of Florida, the estimated number of individuals that could be entitled to a tax refund are 89,300 with the median potential refund calculating to approximately $893. The total potential refunds for the state of Florida as a whole would be approximately $89,530,400 (this figured amount is excluding credits) in total funds that need to be claimed and dispersed accordingly. Please note, that the actual refund amount will vary based on the household’s tax situation and that these are just estimates based on the tax data currently available.

The IRS reminds taxpayers seeking to file a claim for their 2019 tax refund that their checks may be held if they have not filed tax returns for years 2020 and 2021. In addition, the refund will be applied to any amounts still owed to the IRS or a state tax agency and may in turn be used to offset unpaid child support or past due federal debts (such as student loans). Current and prior year tax forms (such as the tax year 2019 Forms 1040 and 1040-SR) and instructions are available on the IRS Website on the Forms, Instructions & Publications page or by calling toll-free 800-TAX-FORM (800-829-3676). There are several options available for taxpayers to obtain key documents and information that need to be gathered in order to file the 2019 tax return. These options include the following:

  • Request copies of key documents. Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 can request copies from their employer, bank or other payers.
  • Get Transcript Online at IRS.gov. Taxpayers who are unable to get those missing forms from their employer or other payers can order a free wage and income transcript at IRS.gov using the Get Transcript Online tool. (This option is considered the quickest and easiest option by many taxpayers).
  • Request a transcript. Another option is for a taxpayer to file Form 4506-T with the IRS to request a “wage and income transcript.” A wage and income transcript shows data from information returns received by the IRS, such as Forms W-2, 1099, 1098, Form 5498 and IRA contribution information. Taxpayers can use the information from the transcript to file their tax return. However, this is not the most recommended option as it can take several weeks for written requests. It is advised to try the other two options readily available before this one, as the deadline is rapidly approaching.

Please inquire with your tax professional for additional guidance as to whether this tax filing may pertain to you and your current tax situation. Additional information is always available at the IRS.gov website.

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