IRS Tax Refunds: Are You Eligible for Up To $900 Payments?

The IRS might still owe you $900 in tax refunds, but time is running out for you to claim it as the tax refund deadline approaches. There is still the question if you are eligible.

According to AS, the Internal Revenue Service (IRS) is estimating that nearly $1.5 billion in refunds remains unclaimed. The reason for this is that a lot of people have yet to file their 2019 tax returns. As for the amount of refunds, the average is around $893.

How would one qualify for that $900 refund, though? One just has to file their 2019 tax returns and they would be eligible. However, if you want that extra $900, you have to act fast.

Deadline To Be Eligible To Receive IRS Tax Refunds

The deadline for filing your 2019 tax returns will be on July 17, 2023. which means you may not have that much time left to submit them to the IRS. The reason for this extended deadline is, of course, the COVID-19 pandemic, as the lockdowns complicated the 20119 tax filings.

The 2019 tax returns were supposed to be filed in 2020. However, the pandemic hit and the IRS gave taxpayers more time to file taxes and claim refunds. This meant that taxpayers were given a three-year window to file their tax returns, though that window is now closing soon.

"The 2019 tax returns came due during the pandemic, and many people may have overlooked or forgotten about these refunds," said IRS Commissioner Danny Werfel back in April.

He added that they want the taxpayers to be able to claim these refunds as soon as possible as time is now running out. He added that they, at the IRS, recommend that taxpayers should begin filing their 2019 tax returns as soon as possible so they would not miss these refunds.

As for those refunds that remain unclaimed after the deadline, it would become the property of the US Treasury Department, according to Yahoo! Finance.

Unclaimed IRS Refunds May Be For People Who Did Not Meet Filing Threshold

Werfel admitted that people faced "extremely unusual situations" back in 2020 and stressed that people should file to get these refunds. The IRS has been reminding people of this too and has even resorted to posting memes on social media to make people aware of these refunds before it is too late.

The Seattle Times noted that many of those eligible for these refunds may be low- and moderate-income workers who were eligible for the earned-income tax credit, which may be worth as much as $6,557 for 2019. This means that people can still earn a refund even if they did not owe any tax in the first place due to their low income.

The IRS is basing the refunds on income and family size, so those taxpayers whose households have three or more children would potentially get more. However, it should still be noted that those who are eligible would not get their payments swiftly, as these are filed on paper, which the agency usually takes longer to process.

This article is owned by Latin Post.

Written by: Rick Martin

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