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Jul 28, 2021 · Print. IR-2021-159, July 28, 2021 — The Internal Revenue Service reported today 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.
Mar 31, 2021 · Any resulting overpayment of tax will be either refunded or applied to other outstanding taxes owed. For those who have already filed, the IRS will do these recalculations in two phases, starting with those taxpayers eligible for the up to $10,200 exclusion.
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Apr 8, 2021 · For taxpayers who already have filed and figured their 2020 tax based on the full amount of unemployment compensation, the IRS will determine the correct taxable amount of unemployment compensation. Any resulting overpayment of tax will be either refunded or applied to other taxes owed.
Jan 10, 2023 · The refund payments came about because of the American Rescue Plan Act of 2021, which waived federal tax on up to $10,200 of unemployment benefits per person.
Apr 12, 2021 · Normally, all unemployment income is taxable at the federal level, but the new relief bill exempts jobless workers' first $10,200 in benefits for those earning less than $150,000. Stimulus check...
Jun 1, 2021 · The American Rescue Plan Act, enacted on March 11, allows taxpayers with modified adjusted gross income (MAGI) of less than $150,000 on their tax return to exclude unemployment compensation up to $20,400 if married filing jointly if both spouses received unemployment benefits and $10,200 for all others, but only for 2020 unemployment benefits.
Nov 2, 2021 · The tax break is for those who earned less than $150,000 in adjusted gross income and for unemployment insurance received during 2020. At this stage, unemployment compensation received...
