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(Trends Wide) — If you forgot to file your taxes during the first days of the covid-19 pandemic in 2020, you have until Monday to do it.
About 1.5 million taxpayers may still be eligible for a 2019 tax refund, according to the Internal Revenue Service. The agency estimates that nearly $1.5 billion in refunds remain unclaimed.
By law, taxpayers typically have three years to file and claim their tax refunds. The original 2020 tax day was pushed back 90 days due to the pandemic, so the usual three-year window has also been pushed back to July 17.
According to the IRS, there is no penalty for filing late if the taxpayer is due a refund.
If taxpayers don’t file on time, the Treasury keeps the money.
The 2019 return must be filed on paper, rather than electronically, and be postmarked by July 17.
Tax year 2019 forms can be found online at the IRS Forms, Instructions and Publications page or by calling 800-TAX-FORM.
Taxpayers who cannot find their 2019 income information may need to request a copy of their 2019 W-2 form from their employer or bank. They can also request a wage and income transcript on IRS.gov using the Get Transcript Online tool.
How much money is at stake
The IRS estimates the average unclaimed refund for tax year 2019 to be $893.
“Many low- and moderate-income workers may be eligible to receive up to $6,557 if their 2019 earnings qualify them for the Earned Income Tax Credit (EITC),” according to the agency.
The tax credit is refundable, which means that those who do not owe any tax can still receive a refund. Some of these taxpayers may have chosen not to file their return because they did not earn enough money in 2019 to be required to do so. They may still be owed a refund if they qualify for a refundable tax credit or excess tax was withheld from their paychecks.
However, 2019 tax refunds may be withheld from taxpayers who have not filed for 2020 and 2021.
In addition, “the refund will be applied to any amounts still owed to the IRS or a state tax agency and can be used to offset unpaid child support or past-due federal debts, such as student loans,” according to the IRS.
Fiscal year 2019 did not include any payments from the pandemic stimulus, which was worth up to $1,400, and was given to people in 2020 and 2021.
