Friday, October 7News That Matters

Tag: $10200

IRS refunds will start in May for $10,200 unemployment tax break

Samuel Corum/Bloomberg via Getty ImagesThe IRS will start issuing tax refunds in May to Americans who filed their returns without claiming a new break on unemployment benefits, the federal agency said Wednesday.The American Rescue Plan waived federal tax on up to $ 10,200 of unemployment benefits, per person, received in 2020. Households with $ 150,000 or more in income are not eligible for the tax cut.President Joe Biden signed the $ 1.9 trillion relief law during tax season, on March 11.More from Personal Finance:A third of people don't know if they'll get a tax refund or owe moneyTax-refund phishing scam targets college students and staffSenate Dems propose capital gains tax at deathTaxpayers eligible for the tax break were left wondering if they should file amended tax returns to cl...