It should arrive within 30 days of your tax adjustment, and let you know what changes the IRS made. The IRS says it plans to issue another batch of corrections before the end of the year.īefore you get your actual money, be on the lookout for a mailed letter from the IRS. If you haven't received your unemployment tax overpayment refund yet, hang on. Now it's concentrating on more complex 2020 filings. It started assessing the simplest returns it had received. The IRS says its review of returns and processing corrections is nearly complete. Some will receive refunds, while others will have the overpayment applied to taxes due or other debts. Overall, the IRS has identified more than 16 million taxpayers who may be eligible for the adjustment. To date, the IRS has issued almost 12 million refunds totaling $14.4 billion. Total refunds in the billions: Last week's refunds are just part of an even larger cash-back program related to the overpaid unemployment taxes. Since then, the IRS has been recalculating those returns and distributing the appropriate refunds for overpaid taxes on unemployment income. The tax break applies to taxpayers whose modified adjusted gross income, as individuals or married couples, was less than $150,000.īy the time the measure became law, though, thousands of eager taxpayers had already filed their returns and included all their job-loss benefits. However, the American Rescue Plan Act (ARPA) enacted in March excluded the first $10,200 in unemployment from taxation for the 2020 tax year. In normal times, all unemployment compensation is deemed taxable income. Partially tax-free unemployment: In case you've forgotten, these refunds are necessary because of a COVID-related law change. But the millions total is this weekend's By the Numbers figure. More than a grand definitely can come in handy paying bills or filling up the Thanksgiving table or buying Christmas gifts. The average refund in this batch comes to about $1,189. Those refunds accounted for tax refunds totaling more than $510 million. The tax agency has issued another 430,000 refunds to taxpayers who overpaid on their unemployment benefits. Some folks recently got an early holiday gift from the Internal Revenue Service.
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