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Home / Tips and Tricks / Unemployment Benefits: You can get a $ 10,200 tax break from the IRS. Here’s how

Unemployment Benefits: You can get a $ 10,200 tax break from the IRS. Here’s how



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Sarah Tew / CNET

The IRS may owe you an additional refund if you received unemployment benefits in 2020 and paid taxes on the benefits. Below the US Rescue Plan Act, a $ 10,200 tax exemption has been added to give you a tax benefit on the unemployment benefit you have received. The new incentive account also gives you more weeks of the bonus $ 300 payments, a third stimulus check and extensive child discount payments.

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

23 million Americans filed for unemployment in 2020 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 refund and the details we have yet to learn.

Three Things You Should Know About Unemployment Tax Refunds






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Things we still don’t know about the unemployment tax break

“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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