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IRS continues unemployment compensation adjustments, refunds by paper check begin Friday
RDN REPORTS
rdnnews@gmail.com
The Internal Revenue Service reported Wednesday that another 1.5 million taxpayers will receive refunds averaging more than $1,600 as it continues to adjust unemployment compensation from previously filed income tax returns.
The American Rescue Plan Act of 2021, which became law in March, excluded up to $10,200 in 2020 unemployment compensation from taxable income calculations.
The exclusion applied to individuals and married couples whose modified adjusted gross income was less than $150,000.
Refunds by direct deposit will begin Wednesday and refunds by paper check will begin Friday. This is the fourth round of refunds related to the unemployment compensation exclusion provision.
IRS says another 1.5M will receive unemployment compensation refunds
By FOX 7 Austin Digital Team
Published
WASHINGTON, D.C. - The Interal Revenue Service says that another 1.5 million taxpayers will soon be receiving refunds as it continues to adjust 2020 unemployment compensation because of the American Rescue Plan.
Refunds by direct deposit will begin July 28 and refunds by paper check will begin July 30. This is the fourth round of refunds related to the unemployment compensation exclusion provision. The IRS says that the average refund is about $1,686, higher for this round because the IRS included an adjustment to the Advance Premium Tax Credit (APTC).