The deadline for taxpayers to claim tax refunds from 2019 is in five days. The Internal Revenue Service issued its final notice for those who continue to be owed money from the government.
"Time is running out for people owed a tax refund in 2019," IRS Commissioner Danny Werfel said in a press statement, warning unclaimed funds will be kept by the Treasury.The final deadline is July 17, with the IRS warning that nearly 1 1/2 million people have unclaimed federal refunds.
Refund amounts for each individual recipient will depend on a household's tax status, and the estimated average median refund for tax year 2019 is $893. Low- and moderate-income employees could be eligible for an earned income tax credit, which is worth a maximum of $6,557 if their 2019 income qualifies. EITC is a tax break that accounts for inflation each year for part-time and full-time employees.
Taxpayers must fall below a certain threshold to qualify for an EITC: Single people without qualifying children must make less than $15,570, and single people with one qualifying child must fall below $41,094. That number is $46,884 if applicants are married or filing jointly with one child. Additional guidelines and income limits can be found on the IRS webpage.
"The IRS continues to urge people who may have overlooked filing during the pandemic to act quickly before they lose their final chance to claim a potentially substantial refund," Werfel said.
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