Tax day for 2022 has passed. But one other deadline is looming for individuals who could also be waiting for his or her tax refund because they have not yet filed their 2019 tax returns, which were imagined to be due within the early days of the pandemic.
If they do not submit the documents by the July 17 deadline, the US Treasury withholds the cash.
Nearly 1.5 million people missed federal returns for the 2019 tax 12 months, when the everyday refund amount was nearly $900, the Internal Revenue Service reported this month.
While the July deadline may seem to be quite a lot of time, it may possibly take a while to assemble your documents from previous tax years.
“We want taxpayers to assert these refunds,” said IRS Commissioner Daniel Werfel statement“but time is running out.”
Taxpayers typically have three years from the tax day to file for a tax refund. (There is not any penalty for not filing should you are getting a refund.)
Declarations for the 2019 tax 12 months fell in 2020, originally of the pandemic. Many people faced “extremely unusual situations” and can have missed their tax returns or forgot they were due a tax refund, Werfel said.
Original 2020 tax filing date was delayed until July 15 this 12 months resulting from the pandemic, so the same old three-year window has been prolonged again to July 17, 2023.
Some of the missed returns could also be for people akin to students or part-time staff who don’t earn enough to fulfill the reporting threshold. (The 2019 threshold was $12,200 for single applicants and $24,400 for couples filing jointly, with higher thresholds for those age 65 and older.)
“People should absolutely file for a tax refund and never leave money on the table,” even in the event that they are usually not required to file a return, said Lisa Greene-Lewis, an authorized accountant and spokeswoman for TurboTax.
A refund may additionally be resulting from many low- and moderate-income staff who qualified for the Income Tax Credit. credit, value as much as $6,557 for 2019it’s refundable which suggests you’ll be able to still get a refund even should you have no tax.
The income tax credit relies on income and family size. For example, in 2019, someone with an income of as much as $50,162 and three or more children was potentially eligible for the loan. An individual with an income of as much as $15,570 who has no children may additionally qualify.
While you’ll be able to still file your 2019 return, you mustn’t expect a fast refund. This is because 2019 returns should be filed on paper, which takes longer for the IRS to process.
“It’s price noting that paper money can take a protracted time to process and refund,” said Eric Bronnenkant, head of tax at digital consultancy Betterment.
Eric Smith, an IRS spokesman, said the agency accepts electronic returns for the present season and two years prior. This 12 months, this implies you’ll be able to file electronic returns for the 2022, 2021 and 2020 tax years.
Returns for 2019, nonetheless, “should be submitted on paper, whether or not they were self-prepared or filed with the assistance of a paid preparer,” he said.
The 2019 tax return could be prepared using industrial self-assessment software, but should be printed and mailed to the IRS (IRS Free File, a program that gives taxpayers with access to free tax software based on their income, could be used only to current-year returns, Mr. Smith said.)
But should you still have not filed your 2020 or 2021 tax return, you’ll be able to ask your tax advisor to arrange and submit it electronically. The IRS offers a searchable list accredited preparers.
Mr. Smith added that the IRS is taking a look at “opportunities to expand the e-file, including reviewing the e-filing of prior 12 months tax returns.”
Here are some questions and answers about filing your 2019 tax returns:
What if I want tax documents to finish my 2019 tax return?
You should gather your documents quickly as it may possibly take a while to get your W-2s and other documents before the July deadline. You can request copies of W-2s out of your employer and interest statements out of your bank. If you’ll be able to’t get forms this manner, the quickest option is to request a free ‘earnings and income’ statement. online on the IRS.gov website, which accommodates information reported to the IRS. You also can request a written copy by submitting your application Form 4506-T. It can take several weeks to process an application, so the IRS encourages people to try other options first.
Will I get a refund for 2019 if I didn’t file my 2020 and 2021 tax returns?
Your 2019 return check could also be held should you have not filed your 2020 and 2021 returns, the IRS said. The refund may even be applied to any amounts you continue to owe to the IRS or state tax agency. A refund may also be used to offset unpaid child support or outstanding federal debts, akin to student loans.
Where can I find tax forms for the previous 12 months?
Current and former tax forms and directions can be found online at IRS.gov forms and publicationsor by calling 800-TAX-FORM (800-829-3676).
