IRS sending more than 2.8 million refunds to those who already paid taxes on 2020 unemployment compensation

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The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income.

IRS efforts to correct unemployment compensation overpayments will help most affected taxpayers avoid filing an amended tax return. So far, the IRS has identified 13 million taxpayers that may be eligible for the adjustment. Some will receive refunds, which will be issued periodically, and some will have the overpayment applied to taxes due or other debts. For some there will be no change.

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Original Article Source Credits: IRS,

Article Written By: NA

Original Article Posted on: June 4, 2021

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