Stimulus update: Deadline to claim IRS tax refund from $1.5 billion pot is next month
Asher Notheis
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The IRS issued a reminder to taxpayers on Thursday that there is still about $1.5 billion in 2019 tax refunds that remain unclaimed, with the deadline to claim these funds set for next month.
The specific deadline set to claim these tax refunds is July 17, after which any unclaimed refunds will become the property of the Treasury. The average median refund one can get from the 2019 tax year was $893, according to a news release from the IRS.
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“Time is running out for more than a million people to get their tax refunds for 2019,” IRS Commissioner Danny Werfel said. “Many people may have overlooked filing a 2019 tax return due to the pandemic. 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. The IRS has several important ways that people can get help.”
The law states that taxpayers typically have three years to file and claim their tax refunds. However, the deadline for the unclaimed 2019 refunds was postponed to next month in response to the coronavirus pandemic.
Taxpayers should know that the money they receive from claiming their 2019 refund will be used to pay off any amounts they might still owe to the IRS or another state tax agency. This refund might also be used to pay off any unpaid child support or past-due federal debts, such as student loans.
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Additionally, taxpayers trying to get a 2019 tax refund should know that their refund checks may be held if they have not filed tax returns for 2020 and 2021.
The median refund that one could get from the 2019 tax refund varies depending on the state one resides in. The largest median refund is in New Hampshire at $974, while the smallest one is in Idaho at $758.