IRS Has $42 Million in Refunds for Residents of New Jersey Claim It Now

IRS Has $42 Million in Refunds for Residents of New Jersey Claim It Now.Residents of New Jersey need to act fast as unclaimed tax refunds from 2019 are nearing their expiration date. The Internal Revenue Service (IRS) reports an astounding nationwide total of approximately $1.5 billion in unclaimed refunds, with over $42 million specifically allocated to New Jersey due to individuals failing to file their 2019 tax returns.

IRS Has $42 Million in Refunds for Residents of New Jersey Claim It Now

To retrieve these expiring refunds, residents must take immediate action before the looming deadline of July 17, as emphasized by the IRS. IRS Commissioner Danny Werfel recognizes that the pandemic may have caused many to overlook filing their 2019 tax returns and urges individuals to promptly review their records and act swiftly before the deadline arrives.

Key Details about the Extended Window for 2019 Tax Returns

In light of the exceptional circumstances brought about by the coronavirus pandemic, the typical three-year window for unfiled returns has been extended specifically for the 2019 tax year. However, it is crucial for taxpayers to ensure that their tax return is properly addressed, mailed, and postmarked no later than July 17. Failure to meet this deadline will result in the unclaimed funds becoming the property of the U.S. Treasury.

It is important to note that individuals seeking a 2019 refund but who have yet to file their tax returns for 2020 and 2021 may experience a delay in the distribution of their refund checks. The IRS may hold these checks until the pending returns are filed.

According to IRS estimations, more than 40,000 New Jersey residents are still eligible to receive a 2019 tax refund. The total amount of potential refunds is an impressive $42,035,900, with a median potential refund of approximately $924. These unclaimed refunds provide a valuable opportunity for individuals to reclaim their rightful money, and every effort should be made to meet the approaching deadline and secure these funds.

Understanding IRS Tax Refunds in the United States: Eligibility, Process, and Timeline

An IRS tax refund in the United States is the reimbursement of excess income taxes paid by individuals, corporations, or other legal entities. When you file your annual tax return, if you have paid more income tax during the year than what you owe based on your taxable income, you become eligible to receive a tax refund from the IRS.

Overpayment can occur due to various reasons. For individuals, it often results from an excessive amount of income tax withheld from paychecks, excessive quarterly estimated tax payments, or the claiming of deductions and credits that reduce total tax liability.

The process to receive a tax refund involves completing and submitting your annual tax return. Upon review, if the IRS determines that you have overpaid your taxes, they will issue a tax refund. This refund can be received either as a paper check mailed to you or through direct deposit into a bank account of your choice.

It’s important to note that the time it takes to receive your tax refund can vary. The IRS typically issues refunds within 21 days from the receipt of the tax return. However, the timeline may be longer depending on factors such as the filing method (paper or electronic), the complexity of the return, and the need to address any errors or inaccuracies.