By Katie Lobosco | CNN
Washington — In the event you forgot to file your taxes throughout the early days of the Covid-19 pandemic in 2020, you could have till Monday to take action.
Practically 1.5 million taxpayers should still be eligible for a tax refund from tax yr 2019, in accordance with the Inner Income Service.
By legislation, taxpayers usually have three years to file and declare their tax refunds. The unique tax day in 2020 was delayed by 90 days as a result of pandemic, so the same old three-year window has additionally been pushed again to July 17.
There isn’t any penalty for submitting late if a taxpayer is owed a refund, in accordance with the IRS.
If taxpayers don’t file in time, Treasury retains the cash.
The best way to file your 2019 federal tax return
The 2019 return have to be filed on paper, moderately than electronically, and be postmarked by July 17.
Tax yr 2019 varieties will be discovered on-line on the IRS Kinds, Directions and Publications web page or by calling 800-TAX-FORM.
Taxpayers who can’t discover their 2019 revenue info could have to request a duplicate of their 2019 W-2 kind from their employer or financial institution. They’ll additionally a request a wage and revenue transcript at IRS.gov utilizing the Get Transcript On-line device.
How a lot cash is at stake
The IRS estimates the typical unclaimed refund for tax yr 2019 quantities to $893.
“Many low- and moderate-income staff could also be eligible for as a lot as $6,557 if their 2019 revenue qualifies them for the Earned Earnings Tax Credit score (EITC),” per the company. The tax credit score is refundable, that means that those that don’t owe any tax can nonetheless obtain a refund.
A few of these taxpayers could have chosen to not file as a result of they didn’t make sufficient cash in 2019 to be required to file. They might nonetheless be owed a refund in the event that they qualify for a refundable tax credit score or extra tax was withheld from their paychecks.
However 2019 tax refunds could also be withheld from taxpayers who haven’t filed for 2020 and 2021.
Additionally, “the refund can be utilized to any quantities nonetheless owed to the IRS or a state tax company and could also be used to offset unpaid baby assist or late federal money owed, corresponding to pupil loans,” per the IRS.
Tax yr 2019 didn’t embrace any pandemic stimulus funds, which have been value as much as $1,400 and have been delivered to folks in 2020 and 2021.
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