IRS will automatically send refunds for unemployment tax breaks - knopnews2

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(CNN) – Americans who lost their jobs last year and have already filed their tax returns will have one less headache to deal with.

The Internal Revenue Service will automatically recalculate their returns to account for a new tax break found in the latest stimulus package.

The break is on the first $10,200 of unemployment compensation received in 2020.

The IRS made the announcement Wednesday.

#IRS to recalculate taxes on unemployment benefits. Money will be automatically refunded this spring and summer to people who filed their 2020 tax return before the recent changes made by the American Rescue Plan. https://t.co/pglPeUEVwU pic.twitter.com/cVdaXJwA7G

— IRSnews (@IRSnews) April 1, 2021

Refunds will be sent directly to taxpayers, likely starting in May and continuing into the summer.

The provision is part of the $1.9 trillion stimulus package that President Joe Biden signed last month, but that was after millions of people had already filed their 2020 returns.

Copyright 2021 CNN Newsource. All rights reserved.

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April 02, 2021 at 05:25AM
https://www.knopnews2.com/2021/04/01/irs-will-automatically-send-refunds-for-unemployment-tax-breaks/

IRS will automatically send refunds for unemployment tax breaks - knopnews2

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