IRS has $42M in old tax refunds for NJ residents — is some of it yours?
💵 More than 40,000 New Jersey residents are due some money
💵 The IRS says the pandemic may have caused residents to miss deadlines
💵 The clock is ticking on making your claim
Time is running out for New Jersey residents who have not yet claimed their tax refunds for the year 2019.
The Internal Revenue Service estimates that almost $1.5 billion in refunds remain unclaimed nationwide — including more than $42 million in New Jersey — because people have not yet filed their 2019 tax returns.
The deadline for residents to get their hands on these expiring refunds is July 17, the IRS says.
"Many people may have overlooked filing a 2019 tax return due to the pandemic," said IRS Commissioner Danny Werfel. "We don't want people to miss their window to receive their refunds. We encourage people to check their records and act quickly before the deadline."
The typical three-year window for unfiled returns was extended for the 2019 tax year due to the coronavirus pandemic.
Taxpayers must properly address, mail and ensure that their tax return is postmarked by July 17. After that, the money becomes property of the U.S. Treasury.
But, the IRS says return checks may be held and not distributed for residents who seek a 2019 refund but have not yet filed returns for 2020 and 2021.
According to IRS estimates, more than 40,000 New Jersey residents are still in line for a 2019 tax refund. The total amount of potential refunds is $42,035,900, with a median potential refund of $924.