On July 28, 2021, the Internal Revenue Service announced it is continuing to distribute refunds for previously taxed unemployment compensation. The American Rescue Plan Act of 2021 excluded up to $10,200 of 2020 unemployment compensation payments from taxable income. The exclusion applies for individuals and married couples with modified adjusted gross incomes under $150,000.
The latest round of payments will bring the total distributions to 8.7 million refunds with total value over $10 billion.
The IRS has been reprogramming its software to provide the refunds with no action required by...Read More