The IRS just announced this week 430,000 people recently got a refund for the unemployment tax credit.
In this most recent batch of corrections most people got 1,189 dollars. The IRS says they made all the corrections and refunds for the simplest tax returns. Now the IRS says they will start concentrating on complicated returns for those who are filing as married or have dependents.
These refunds are a result of the stimulus that passed in March lawmakers decided to exclude the first 10,200 of 2020 unemployment benefits from being taxed.
People are now just getting their refunds because back in March people had already paid their tax bill for 2020. As a result of that it is causing the IRS to go through the process of returning the taxes paid on the first 10,200 dollars of the 2020 unemployment benefits.
If you get one of these refunds you will get a letter in the mail within 30 days from the date of the refund. In the letter the IRS will be explaining how much you got and any other debt you may owe to the IRS.
The IRS says there will be one more batch of unemployment tax refunds to those who are eligible by the end of this year.
