2019’s Unprocessed Tax Rebate About To Disappear Soon If Tax Return Update Not Checked

tax return Child Tax Credit

You have some time still to get your tax rebate if you didn’t submit your tax return with the IRS in 2020. 

Was A Tax Return Submitted In 2020?

The IRS may be holding money for you in case you have forgotten or assumed you didn’t make enough money to bother. According to a statement made by the IRS on Wednesday, there are $1.5B in tax refunds which remains unclaimed and belongs to around 1.5M People who failed to submit tax returns for 2019. With a typical unclaimed return amount of approx $893, it works out to an average of approximately $1,000 per person.

These outstanding tax refunds must be kept by the IRS for a minimum of three years. After the April 15th deadline, the agency typically sends the funds to the Treasury of the US. Nevertheless, because of the pandemic, the tax filing date in 2020 was postponed to 15th July.

Tax returns from previous years must be submitted on paper. Regardless of where you reside, you’ll have delivered your return for the year to a certain IRS office in your region.

IRS Deadline For Filing A Claim For A 2019 Tax Return?

Revenue tax refunds that have not been claimed yet must be kept by the IRS for 3 years. The money will be transferred under the ownership of the United States Treasury if the tax return is not submitted within three years, you will not be getting it back. You will have to submit your return tax by 17th July 2023 for 2019, to be eligible for your refund because the tax filing deadline in 2020 was extended.

How Can You Find Out Whether There Is A Tax Return For You That Hasn’t Been Claimed?

It is difficult to determine if there are 2019 tax returns missing however, you will need to submit a return required for that particular year to find out if anything is being held by the IRS for you in terms of previous refunds.