Last Chance to Claim up to $6557 From the IRS in 2023

Last Chance to Claim up to $6557 From the IRS in 2023.The IRS is determined not to let those who have not filed their 2019 tax returns slip through the cracks. Since April 12, the agency has been using social media to send out reminders to taxpayers who still need to file.

Last Chance to Claim up to $6557 From the IRS in 2023

Approximately 1.5 million Americans have yet to file their 2019 tax returns. If these unclaimed refunds remain untouched by the final deadline on July 17, 2023, the funds will be turned over to the United States Treasury.

Claiming Your Share of the Unclaimed Money

Even if you have already filed your 2019 tax return, chances are you know someone who hasn’t claimed their tax refund from the IRS. The average median refund check amounts to $893, although the specific amount varies depending on the individual’s location. For instance, Idaho residents receive an average of $758, while those in New Hampshire receive $974.

Who Is Eligible for a Sizeable IRS Refund?

To collect a potentially substantial refund of up to $6,557 from the IRS, you must file your 2019 tax return and meet the eligibility criteria for the Earned Income Tax Credit. It’s worth noting that you can still file a 2019 tax return even if you earned a low income and weren’t required to do so.

IRS Commissioner Danny Werfel emphasizes that time is running out for taxpayers to claim these refunds, with just a couple of days remaining. It is crucial to seize this extended window of opportunity to secure your refund, as taxpayers typically only have a three-year period to claim refunds. However, the IRS has made an exception due to the pandemic.

Income Limits for Earned Income Tax Credit Eligibility

To qualify for a potential refund of up to $6,557, your income must be below certain limits. If you have three or more qualifying children, your income should be below $50,162 for eligibility. Married couples can earn less than $55,952, as stated by the IRS.

Additionally, married couples with two qualifying children must have earnings below $52,493, while singles should have income below $46,703. For those with one eligible child, the income limits are $41,094 (singles) and $46,884 (married filing jointly). Finally, individuals with no qualifying children can have earnings below $15,570 (singles) or $21,370 (married filing jointly) to be eligible for the credit.

If you haven’t yet filed your 2019 tax return, it’s crucial to do so promptly. Failure to file could result in the IRS withholding your 2019 refund until your 2020 and 2021 returns are filed. Don’t miss out on the opportunity to claim what you are owed from 2019.