Title: Revealed: $1.5 Billion in Unclaimed Tax Refunds from 2019 – Are You Owed a Share?
Introduction:
Did you know that nearly 1.5 million Americans could be sitting on unclaimed tax refunds from 2019, totaling a staggering $1.5 billion? This eye-opening revelation comes straight from the Internal Revenue Service (IRS), with an average payout of $893 per taxpayer. In this article, we dive deep into the details to help you navigate this potential windfall. But hurry, as the deadline to claim refunds has been extended due to the Covid-19 pandemic.
Body:
The IRS has extended the deadline for claiming 2019 tax refunds until July 17, giving taxpayers an extra chance to retrieve their unclaimed money. Previously, refunds not claimed within three years automatically became the property of the US Treasury. However, due to the unprecedented circumstances caused by the pandemic, taxpayers now have an opportunity to secure what is rightfully theirs.
The state-by-state breakdown reveals that Texans top the list, with approximately 135,000 residents sitting on an average refund of $924, adding up to a whopping $142,235,200. California follows closely behind, potentially owing $141,780,000 to 144,700 individuals. Meanwhile, Florida residents could claim a median projected refund of $893, benefiting 89,300 people. Residents of New York have the potential for almost $87 million in tax refunds, with an estimated 81,600 individuals eligible. Illinois residents could also be sitting on a significant sum of $57,591,300 in unclaimed cash. On the other end of the spectrum, Vermont sees the fewest unclaimed tax refunds, with 3,100 residents eligible for just over $3 million. It is worth noting that the national median for unclaimed refunds stands slightly higher at $901.
IRS Commissioner Danny Werfel emphasizes the importance of claiming these refunds, particularly noting that many individuals may have overlooked or forgotten about them amidst the chaos of the pandemic. Commissioner Werfel reveals that students, part-time workers, and those with low incomes are often the ones who unintentionally leave money on the table by failing to file their tax returns and missing out on potential refunds.
Experts warn against procrastination, urging Americans to gather their records and file their tax returns promptly to avoid missing out on this potential windfall. Certified financial planner John Chichester Jr. emphasizes that many people fear the process to be more complicated than it actually is, leading them to leave money unclaimed. By taking simple steps such as starting the process early and collecting the necessary documents from the IRS online portal or other sources like employers or loan providers, individuals can ensure they make the most of their tax refunds.
Conclusion:
Unclaimed tax refunds worth $1.5 billion from 2019 are waiting to be claimed by nearly 1.5 million Americans. With an average payout of $893, it’s essential for taxpayers to seize this opportunity, especially during these challenging times. Remember, by gathering your records and filing your tax return promptly, you not only secure your potential windfall but also potentially qualify for additional benefits like the earned income tax credit. Don’t let fear or procrastination hold you back from claiming what is rightfully yours. Act now to uncover the rewards you deserve.
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