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IRS is now returning $ 10,200 to millions for unemployment taxes. Do you get a tax break?



The IRS will automatically get back thousands of dollars paid for unemployment checks in 2020. Here's What You Need to Know

The IRS has begun to refund thousands of dollars taxed on unemployment checks in 2020. Here̵

7;s what you need to know about the tax break.

Sarah Tew / CNET

Did you pay tax on the unemployment benefit that you received last year when you filed your tax return for 2020? If so, you can get a refund. The IRS is now working to send money to nearly 10 million people who have applied for the $ 10,200 tax break was included under the US Rescue Plan Act. This is because the unemployment checks during the pandemic are not considered an income, so no tax can be imposed on the money you received in 2020.

Last week, the IRS began sending tax breaks to eligible people. It said it will continue to pay back the money throughout the summer it processes tax returns and reviews taxes paid on unemployment benefits. The March incentive law also extends the weekly $ 300 Bonus Unemployment Benefits, authorizes one third stimulus check (and “plus-up” payments) and increases the child discount to as much as $ 3,600 per child.

Last year, 23 million Americans filed for unemployment, according to the Bureau of Labor Statistics. below Pandemic unemployment assistanceThis included layoffs, handy workers, contractors and the self-employed who normally do not qualify for unemployment insurance. We will explain the unemployment tax refund and the details we are still waiting to learn. This is when you can expect to receive your first payment of the child discount and how much you can get when payments begin in July. This story was recently updated with new information.

IRS Tax Refund for Unemployment: 6 Important Things to Know Now

With unemployment refunds going up to $ 10,200 to taxpayers who paid taxes when they filed, here’s what to expect.






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Information about unemployment tax refunds that we are still waiting for

There is one more thing we don’t know about refunds. We contacted the IRS for clarification:

  • How to contact the IRS if there is an issue with your tax break refund. (Here’s what we know about contacting the IRS stimulus check problems.)

“This new clarification from the IRS is good news for the millions of taxpayers affected, but it can still be confusing,” said Mark Steber, Jackson Hewitt’s chief tax officer. Steber suggested contacting a tax expert after receiving your automatic refund to make sure the IRS sent the correct amount.

For more information, here are seven ways money back on your tax return for 2020, all about the child discount up to $ 3,600 per child and what you need to know about the May 17 tax deadline.






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