UNCLAIMED REFUNDS OF $1.5 BILLION

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Since some taxpayers didn’t yet submit their 2019 tax forms, about $1.5 billion in refunds stay untouched. According to the law, taxpayers typically have 3 years to file their tax returns and request refunds. The money belongs to the U.S. Treasury if it is not filed within 3 years.

However, people have a longer time than normal to file and obtain refunds for their 2019 tax returns. The filing date to request previous refunds often coincides with the April tax deadline, which comes on April 18 this year for tax returns from 2022. However, because of the COVID-19 pandemic crisis, the 3-year window for 2019 unfiled taxes was extended to July 17, 2023. Taxpayers who fail to file might lose an $893 typical average refund.

The IRS believes that 56,000 people in Pennsylvania have unprocessed refunds totaling more than $57 million. The IRS believes that 31,400 people in Maryland have not filed claims for refunds totaling more than $32 million. Keep in mind that a tax refund is effectively a payment back to the taxpayer for the extra money they paid in taxes.

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