People may miss their chance for a tax refund since the IRS currently has unclaimed tax refunds of up to $1.5 billion
The facade of the IRS building (Photo: WNCT)
Unclaimed Tax Refunds Just Waiting For You
The IRS could owe people tax refunds since it currently has over $1.5 billion worth of unclaimed tax refunds. These unclaimed tax refunds could be gone for good after July 17 and will belong to the government as “property of the U.S. Treasury”, as reported by the IRS. People who did not file their 2019 taxes are eligible for these unclaimed tax refunds.
If you did manage not to file your 2019 taxes, you could get your tax refund from the $1.5 billion worth of unclaimed tax refunds that the IRS is currently holding. To get your tax refund, you would have to file back taxes before the mentioned deadline, which in this case, is your 2019 taxes.
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How To Claim Your Piece From The $1.5 Billion Worth Of Unclaimed Tax Refunds
To claim your refund in the $1.5 billion worth of unclaimed tax refunds, you would have to file your 2019 tax refunds, as previously mentioned. Unfortunately, you would have to file your back taxes manually since the IRS does not allow the filing to be processed electronically or online. Meaning that you would have to file your back taxes manually to get your piece in the unclaimed tax refunds.
In the process, if you already determined what you are missing in the filing to claim your refund in the unclaimed tax refunds, you would have to request a tax transcript for the missing income information you are missing. After that, you would have to fill up the correct forms and send them via mail to the IRS.
According to the IRS, your tax refund from the unclaimed tax refunds might not be in the form of a check once you would receive it. If you have child support payments, tax bills from the previous years, or debt, in general, owed to the government, your tax refunds may be directed to these instead, all thanks to the $1.5 billion worth of unclaimed tax refunds.
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