More IRS refunds are on the way! How unemployment figures in.
Updated: 5:06 PM EDT April 1, 2021 GREENSBORO, N.C. — The IRS could be sending you another payment this summer. It's not a stimulus payment, let me explain. If you filed your 2020 taxes already and you got unemployment income in 2020, chances are you're going to get money back from the IRS. Here's why: the American Rescue Plan allowed taxpayers to exclude up to $10,200 in unemployment benefits from their Adjusted Gross Income (AGI). Because of that, taxpayers didn't have to pay taxes on that income, but the legislation took effect after many filed returns and paid that tax. ...