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Unclaimed Tax Refunds for 2019: Claim Your Money Now!

Unclaimed Tax Refunds

Have you filed your tax return for the 2019 tax year yet? If not, you might be leaving money on the table.

Yes, you heard that right. The IRS is holding millions of dollars in unclaimed tax refunds for taxpayers who didn’t file their return for 2019.

According to the IRS, the median potential refund for 2019 stands at $917. That’s a significant amount of money that you could receive from the government if you act fast.

Qualifying for Unclaimed Refunds

If you didn’t file your tax return for 2019, the window to claim your refund is closing soon. The IRS gives you a three-year window to claim your unclaimed refund.

The deadline to submit your return for the 2019 tax year is July 17, 2023. If you miss the deadline, your refund will become the property of the U.S. Treasury, and you’ll lose your right to claim it.

To qualify for an unclaimed refund, you need to have taxes withheld from your paycheck or make estimated tax payments throughout the year. Additionally, you should not have any outstanding debt to the federal government, such as unpaid federal taxes or student loans.

COVID-19 Pandemic Extension

If you missed the deadline to file your return for the 2019 tax year due to the COVID-19 pandemic, you might still be in luck. The IRS postponed the deadline for filing tax returns for 2019 as part of the relief measures for those affected by the pandemic.

Notices 2020-18 and 2020-23 postponed the deadline to July 15, 2020, and extended the three-year window for claiming refunds to July 15, 2023. Under this extension, you have until July 15, 2023, to submit your return for the 2019 tax year and claim your refund.

However, if you don’t act before the deadline, you’ll lose your right to your unclaimed refund.

IRS Campaign to Spread the Word

The IRS is making efforts to spread the word about unclaimed refunds by using social media. They recently posted a tweet featuring a cat meme encouraging taxpayers to file their return for the 2019 tax year.

The tweet states, “Don’t let the 2019 tax refund go unclaimed: file your tax return by July 17, 2023. IRS.gov/UnclaimedRefund.” The post aims to catch the attention of young taxpayers and provide the necessary information to claim their unclaimed refunds.

Consequences of Not Filing

Filing your tax return for the 2019 tax year is critical for low and moderate-income taxpayers who qualify for the earned income tax credit (EITC). The EITC is one of the most significant federal tax credits available, and it can provide financial relief to low and moderate-income families.

It can also help reduce the number of people living in poverty. If you don’t file your return for the 2019 tax year, you run the risk of losing your right to claim the EITC.

Additionally, if you owe money to the federal government, you’ll be subject to penalties and interest on your tax debt.

Tax Refund Holds and Offsets

The IRS may hold your refund if you have unpaid debts to federal or state agencies, such as unpaid federal taxes or student loans. If the IRS holds your tax refund, they’ll use it to pay your outstanding debts.

If you owe federal debts, such as back taxes or child support, the Treasury Offset Program may offset your refund to pay off your outstanding debts. The program may also offset your refund to pay other federal debts you might owe, such as student loans.

Before you file your tax return, it’s a good idea to check if you have any outstanding debts and work out a plan to pay them off to avoid losing your tax refund.

Earned Income Tax Credit (EITC)

The earned income tax credit (EITC) is a refundable tax credit available to low and moderate-income workers. The EITC can provide financial relief to individuals and families facing financial difficulties.

The credit is worth up to $6,557 for the 2019 tax year, depending on your income and the number of qualifying children you have. To be eligible for the EITC, you must have earned income from employment or self-employment.

Additionally, you must have a valid Social Security number, and you must meet the income thresholds based on your filing status and the number of qualifying children you have.

Conclusion

Unclaimed tax refunds and the earned income tax credit are two issues that taxpayers need to understand to make the most of their tax returns. Filing your tax return for the 2019 tax year is essential if you qualify for the EITC or have taxes withheld from your paycheck.

The IRS is making efforts to inform taxpayers about unclaimed refunds through social media campaigns. Don’t leave money on the table – file your tax return before it’s too late.

Tax Forms and Instructions

Filing taxes can seem like an overwhelming task, but it doesn’t have to be. One of the essential components of filing a successful tax return is having the right tax forms and instructions.

Properly filling out these forms is crucial to avoid penalties and maximize your tax refund. In this article, we will explore the ways to obtain tax forms and instructions for the 2019 tax year as well as how to use them.

Availability of

Tax Forms and Instructions

The first step in obtaining tax forms and instructions is to know where to look. The IRS website is the primary source for tax forms and instructions, and they’re available for free.

On the IRS website, you’ll find all the forms and instructions you need to file your taxes for the 2019 tax year. If you prefer to do things offline, you can also get tax forms and instructions by mail.

You can order them through the Forms, Instructions & Publications page on the IRS website, or by calling the toll-free number, 800-829-3676. You’ll need to provide your name, address, Social Security number, and the forms and instructions you want to receive.

Instructions for Tax Forms

It’s essential to read the instructions carefully before filling out your tax forms. The instructions will guide you through the process and help you avoid common mistakes that could lead to errors on your tax return.

The instructions will also explain any tax law changes that may affect the information you need to report. For example, if you’re claiming the earned income tax credit (EITC), you’ll need to fill out

Form 1040 and follow the instructions carefully.

The instructions will provide you with the income thresholds for eligibility, how to calculate your credit, and how to claim the credit on your tax return. If you’re filing your tax return electronically, the instructions may be built into the software you’re using.

However, if you’re filing your tax return on paper, the instructions will be available on the IRS website.

Forms for Your Tax Return

Tax forms for your tax return come in different varieties, each with a specific purpose. Here, we’ll cover a few common forms and what they are for.

Form W-2

If you’re employed, your employer must send you a

Form W-2 at the end of the year. The form shows the amount of money you earned, the taxes you paid, and any other deductions made from your paycheck.

You’ll need this form to complete your tax return accurately.

Form 1099

A

Form 1099 is a document showing earnings from non-employment sources. For example, if you worked as an independent contractor, you should receive a

Form 1099-MISC showing your earnings for the year.

Other types of 1099 forms exist for different sources of earnings.

Form 1040

Form 1040 is the main tax form used to file your taxes. It’s used to report all sources of income, such as wages, salaries, tips, and investment income.

On the form, you’ll list all sources of income and claim any deductions or credits you’re eligible for. It’s worth emphasizing that the form you use may depend on your specific tax situation.

Form 1040-SR

Form 1040-SR is similar to

Form 1040, but it’s designed specifically for taxpayers over the age of 65. The form has larger print and a simpler format, making it easier to fill out for those who may have trouble reading smaller print.

Form W-4

Form W-4 is a form you submit to your employer to set your federal income tax withholding. The form helps ensure that your employer withholds the correct amount of federal income tax from your paycheck.

Wrapping Up

Filling out tax forms may seem like a daunting task, but it’s necessary to ensure you file accurate and timely tax returns. With the availability of tax forms and instructions online and by mail, you can still obtain the forms even if you don’t have access to a printer at home.

Reading the instructions can help ensure you follow the right steps and avoid common mistakes that could lead to errors on your tax return. If you are unsure about your process, don’t hesitate to speak with a tax professional or seek out assistance from the IRS.

By following these guidelines, you can be confident in your ability to complete the filing process and remain in good standing with the IRS. In conclusion, obtaining the correct tax forms and instructions is crucial in filing an accurate and timely tax return.

Tax forms are available for free online, and they can be ordered by mail as well. Reading the instructions carefully is vital, as they guide taxpayers through the process and help them avoid common mistakes.

Filling out tax forms may seem like an overwhelming task, but with the right resources and attention to detail, taxpayers can alleviate stress and maximize their tax refunds. It is always better to be safe than sorry, and seeking professional assistance when needed can save time and avoid errors.

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