The IRS says the July 17 deadline is closing in for the estimated 40,500 New Jersey taxpayers who have yet to claim their federal tax refunds for the 2019 tax year.
The IRS estimates Garden State taxpayers are collectively owed $42,035,900 in unclaimed refunds. This works out to a median refund of $924 in the Garden State.
Across the U.S. about 1,469,000 taxpayers are potentially walking away from $1.5 billion in unclaimed 2019 refunds, the IRS said. Nationally, the average median unclaimed refund is $893.
“Time is running out for people owed a tax refund in 2019,” IRS Commissioner Danny Werfel said. “The IRS continues to urge people who may have overlooked filing during the pandemic to act quickly before they lose their final chance to claim a potentially substantial refund.”
By law, taxpayers normally have three years to file and claim their tax refunds. If they don’t file within three years, the money becomes the property of the U.S. Treasury. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by July 17, 2023.
The IRS said taxpayers seeking a 2019 tax refund may have their checks held if they have not filed tax returns for 2020 and 2021.
In addition, the refund will be applied to any amounts still owed to the IRS or a state tax agency and may be used to offset unpaid child support or past due federal debts, such as student loans. IRS Notice 2023-21 provides legal guidance on claims made by the postponed deadline.