Past Due Filings and You
‘Nobody’s perfect’ is a saying many people can relate to and it is even more relevant when it comes to forgetting things. This includes filing your taxes. Currently, over a million taxpayers still have pending refunds from 2019, according to the IRS and your last chance to file or amend a 2019 return is July 17. The key tax deadline is currently approaching for all past-due filers which can lead to an estimated $1.5 billion in unclaimed refunds up for grabs. CNBC. IRS even issued its final statement to those who continue to be owed money and the average median refund for 2019 is $893. Washington Examiner.
Generally, there is a 3-year deadline for unfiled returns but due to the worldwide COVID-19 pandemic, filers have been given more time. This is also relevant to amendments that need to be made for the tax filing. Whether it is a missed dependent or any other credit, you have time to fix it – but not for much longer. Werfer’s biggest concern here is that many lower earners such as students or part-time workers may have accidentally skipped a filing. CNBC. If you do not know where to start, you can request key documents for your 2019 return from your employer, bank, or an income transcript from the IRS website.
Some states are shown to have their citizens owed more than the average number as well. New Yorkers alone are said to be owed $86.8 million on unfiled 2019 taxes. Newsday. The median in Massachusetts also amounts to roughly $966. Furthermore, those who qualify for the Earned Income Tax Credit (EITC) could receive up to $6,557 depending on the threshold that they may meet. IRS.
Worried you may have missed out on a return for 2019 and want to work on getting a proper return? Reach out to the Professionals at The Center for Financial, Legal, & Tax Planning Inc., at (618) 997-3436.