IRS Says Little Time Left to Claim Your Portion of the $1.5 Billion in Tax Refunds

Dreamstime/TNS

The Internal Revenue Service (IRS) has revealed that many people have not yet received their tax refunds for 2019. The announcement states that there is as much as $1.5 billion in unclaimed tax refunds.

The 2019 tax forms were not due in April 2020 because of the COVID-19 pandemic. The IRS delayed the required filing for that year until July 15, which resulted in many people failing to file—possibly because they forgot about it. The IRS says people can still get their tax refunds, but the law requires a three-year deadline. Time is running out, however, since you only have until July 17, 2023, to claim it.

The Median Refund Amount

The average amount of these refunds is $893. That is certainly an amount that many families could benefit from in these economically challenging times. The press release says about 1.5 million people qualify for the IRS refund.