COLUMBUS, Ohio (WCMH) — Time is up, taxpayers! April 18 is the last day to file your return for 2022. But did you file a tax return in 2020 for 2019? If you didn’t, the IRS could be holding onto your money.
The agency announced late last week that it has $1.5 billion of unclaimed tax refunds, belonging to about 1.5 million Americans who did not submit returns. Breaking it down by state, the IRS estimates nearly 52,000 Ohioans may be due an income tax refund for 2019, with a median amount of $868.
As for why the IRS has the cash, IRS Commissioner Danny Werfel said, “the 2019 tax returns came due during the pandemic, and many people may have overlooked or forgotten about these refunds. We want taxpayers to claim these refunds, but time is running out.”
That’s because under law, taxpayers usually have three years to file and claim refunds. Then, the money goes to the U.S. Treasury. But for 2019 returns, taxpayers have been granted a few extra months. Because the Covid-19 pandemic delayed the tax deadline in 2020 until July 15, you now have until July 17, 2023, to claim any refund from 2019.
Even with the extra time, Commissioner Werfel encouraged anyone planning to file, to get moving, saying, “we encourage people to review their records and start gathering records now, so they don’t run the risk of missing the July deadline.”
If you plan to file, but don’t have the necessary documents from 2019 to do so, they’re available by request from banks, employers, and any other sources of income. You can also request a transcript from the IRS by clicking here.