Due to all the problems generated by the COVID-19 pandemic in the United States, fiscal year 2019 was extended longer than expected. As a result, this led to some confusion with tax returns and monetary refunds. Therefore, there are people who still qualify for rebates that range around $900 and don't know it.
However, the window to request the refund of the money is closing and there is not much time left to make the request. Therefore, it is essential that you investigate the requirements that you must meet for this. Otherwise, you may miss out on this extra money. Today in The Look we will tell you about the demands that must be met.
Reasons the IRS May Owe You Money
The main reason the IRS is offering refunds is because of the unclaimed refunds of 2019. According to their estimates, they have about $1.5 billion to return to the country's citizens. On average, this is an approximate amount of $900, depending on each particular case.
However, it is important to note that there are also other reasons why the IRS could owe you money. These don't necessarily have to be related to 2019 tax returns. It is good that you know what these reasons are, to make sure they do not owe you anything. Next, we will tell you about them:
- You paid additional money in federal taxes during the previous tax year.
- In case you are entitled to a tax credit. It can be the earned income credit or the child tax credit.
- The IRS may make a mistake when calculating the taxes, you owe.
- Your employer withheld additional money from your paycheck during the past tax year.
- The amortization of your mortgage can also generate your eligibility for a refund on your taxes.
Requirements for Requesting IRS Refund
Currently, you have until July 17, 2023 to apply for IRS monetary restitution. Once this date has passed, you will lose the right to claim the money they owe you. Therefore, it is of extreme necessity that you know the requirements that you must meet. In the following list, we will tell you about these requirements:
- You have to submit your 2019 tax return.
- You need to make sure you don't make any mistakes on your tax return.
- File the tax credit claim to start the restitution process.
- Make sure you have no unpaid debts. For example, student loans, back taxes, child support, among others.
Similarly, we recommend you check the IRS website to clarify any questions you have. Especially since they offer advice on what to expect from refunds in 2019 or this fiscal year.
Benefits of IRS Refunds
These types of returns offered by the IRS offer many advantages to the common citizen, for different reasons. To give you an idea of how they can benefit you, we bring you the following list:
- It will help you recover lost money to cover your debts or pay for basic services.
- It is an excellent way to save or invest money that you have left over to obtain a greater return for it.
- You can complete to make a major purchase on something you need for your home.
- Restitutions help improve quality of life by providing financial flexibility.