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IRS sends refunds to as many as 10 million who have been given unemployment checks. Do you get a tax break of $ 10,200?



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 paid for unemployment checks in 2020. Here̵

7;s what you need to know.

Sarah Tew / CNET

The IRS said it is now sending payments to as many as 10 million people who received unemployment benefits in 2020 and paid taxes on that money when they filed their income tax returns this year. The IRS said it will automatically refund some or all of the money paid. The US Rescue Plan Act including one $ 10,200 tax break so that unemployment checks during the pandemic are not counted as income. You also cannot be taxed on the money.

The IRS said it is now recalculating taxes and began sending refunds to those who qualify this week. The IRS sent the first refunds this week, and the rest went through the summer as the IRS processes tax returns and reviews taxes paid on unemployment benefits. In addition to the tax break for unemployment, 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 are not normally eligible for unemployment insurance. We will explain the unemployment tax refund and the details we are still waiting to learn. Here’s how to tell if the IRS owes you anything additional tax refund and how to get a $ 50 off your internet bill. This story has been updated with new information.

IRS Tax Refund for Unemployment: Six Important Things to Know

Now that refunds are going out, here’s what to expect.






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Details about unemployment tax refund we await

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

  • How to contact the IRS if there’s a problem. (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. “Some taxpayers may have questions about the timing of a payment and whether it will come in a check or some other form.”

Steber also suggested checking in with a tax professional once you receive your automatic refund to make sure the IRS has 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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