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Unemployment Benefits: IRS can refund you $ 10,200 for taxes already filed. What to know



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Unemployed workers could get more money from the IRS if they already filed.

Sarah Tew / CNET

Did you receive unemployment benefit in 2020 and did you pay tax on it? You may qualify for some extra cash back. The Incentive Act of March has a new one $ 10,200 tax exemption that gives you a tax break on the unemployment benefit you received. The law also included more weeks added to the $ 300 Bonus Payments, together with a third stimulus check and a increase of the child discount. There has been some confusion as to how the tax break might work, but the IRS says it will handle the exemption and automatically send refunds for tax already paid in May.

The IRS said it will automatically refund money to eligible people who already filed their tax returns before the unemployment changes took effect.

In 2020, 23 million Americans filed for unemployment because of the corona pandemic, according to the Bureau of Labor Statistics. Below the Pandemic unemployment assistance Established under the CARES Act in March 2020, this included those who were made redundant as well as handymen, contractors and self-employed persons who would not normally qualify for unemployment insurance. Here’s what we now know about unemployment tax refunds and the details we have yet to learn.

Unemployment Tax Refund: Everything We Know Now






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We still do not know details about the tax benefit for unemployment

“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 other form. The IRS is still clarifying these and other questions related to the newly announced program. Once taxpayers have their automatic payments made In the coming weeks and months, it may be a good idea to check with a trusted tax authority to make sure the IRS has calculated their amount correctly. ”

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






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