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

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



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Sarah Tew / CNET

Did you receive unemployment benefit in 2020 and did you pay tax on it? If so, you may owe an additional refund from the IRS. The US Rescue Plan Act including one $ 10,200 tax exemption this gives you a tax advantage on the unemployment benefit you have received. 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.

In addition, the new incentive account also gives you more weeks of the bonus $ 300 payments, a third stimulus check in front of up to $ 1,400 and extensive child discount payments for maximum $ 3,600 per child.

Last year, 23 million Americans filed for unemployment because of the corona pandemic, according to the Bureau of Labor Statistics. Below the Pandemic unemployment assistance created by 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 important details about unemployment tax refund






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Details we still don’t know about unemployment tax refund

“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 received 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 May 17 tax deadline.






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