NEW MEXICO (KRQE) – The Internal Revenue Service (IRS) announced on Apr. 13, that around 1.5 million people in the U.S. have unclaimed refunds for the tax year 2019. The deadline for filing 2019 tax returns is coming up on July 17.
Due to COVID-19, the three-year filing window was extended slightly, from the usual April deadline to July. The IRS says, “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 the money is not filed for within three years, it becomes the property of the U.S. Treasury.
According to the IRS, the median refund left behind for the 2019 tax year was $893, and they have done a state-by-state calculation, showing how many people in each state are still eligible for a refund. Many people may have also missed out on the Earned Income Tax Credit (EITC), which was worth as much as $6,557 for 2019.
EITC eligibility threshold
- $50,162 ($55,952 if married filing jointly) for those with three or more qualifying children
- $46,703 ($52,493 if married filing jointly) for people with two qualifying children
- $41,094 ($46,884 if married filing jointly) for those with one qualifying child, and
- $15,570 ($21,370 if married filing jointly) for people without qualifying children
The IRS estimates that 9,600 individuals in New Mexico may be missing a refund for the 2019 tax year. For New Mexico, the total potential refund amount is estimated to be $9,522,400.
“The 2019 tax returns came due during the pandemic, and many people may have overlooked or forgotten about these refunds,” says IRS Commissioner Danny Werfel. “We want taxpayers to claim these refunds, but time is running out. People face a July 17 deadline to file their returns. We recommend taxpayers start soon to make sure they don’t miss out.”
The IRS wants to remind people that there are ways in which the information needed for the 2019 tax returns can still be gathered. Taxpayers can request forms W-2, 1098, 1099, or 5498 from their employer, bank, or other payers. If those forms are unavailable, taxpayers can order a free wage and income transcript on IRS.gov. Another option is to file Form 4506-T with the IRS to request a wage and income transcript.