In case you’re wondering how to do some “good” over this July Fourth weekend, I’ll give you 1.5 million possibilities worth an estimated $1.5 billion. The 1.5 million figure is the number of people who need to file their 2019 tax returns before July 17, 2023, in order to get their share of $1.5 billion in 2019 tax refunds — and in some cases, eligibility for that refund may come as a surprise ( tinyurl.com/yc5u4nx6).
Why a surprise? You may not have filed a tax return because your earnings were below the tax filing threshold. You may still be eligible for a refund, according to the IRS ( tinyurl.com/kmym4psd), based on:
• Having excess federal income tax withheld.
• Making estimated tax payments (or having money withheld from your retirement fund and Social Security disbursements).
• Qualifying for refundable tax credits.
Among the refundable tax credits is the Earned Income Tax Credit (EITC), which “helps low- to moderate-income workers and families get a tax break,” according to the IRS website ( tinyurl.com/2jvcevxu).
You would potentially be eligible for an EITC for 2019 if you had an income below $50,162 ($55,952 if married filing jointly) and had three or more qualifying children. There are different income levels for two qualifying children, one qualifying child or no qualifying children — see the 2019 listing at tinyurl.com/3wxs4upe for more details.
In case you’re wondering about the July 17 filing date, a taxpayer has three years to file his tax return and claim a...
from News https://www.ctpost.com/news/article/julie-jason-didn-t-file-a-2019-tax-return-18180378.php
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