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IRS to send 7.3 million repayments that got unemployment checks. Can you get a $ 10,200 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 will automatically refund thousands of dollars paid for unemployment checks in 2020. Here̵

7;s what you need to know.

Sarah Tew / CNET

If you received unemployment benefits in 2020 and paid tax on the money this year when you filed your income tax return, the IRS can automatically refund all or part of what you paid. The US Rescue Plan Act passed in March including one $ 10,200 tax break so that unemployment checks you received during the pandemic do not count as earned income for the year. You also cannot be taxed on the money. If you already paid taxes on the unemployment money, the IRS said it will automatically refund the amount for qualified people.

According to a report from the Treasury Department, the first repayments are expected this month for about 7.3 million people. Refunds will be forwarded during the summer as the IRS processes tax returns. In addition to this unemployment tax benefit, the March incentive law also extends the weekly bonus $ 300 Unemployment Benefits, authorizes one third stimulus check (what you need to know about “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.

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“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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