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According to a CBS report, the tax agency primarily corrected returns that included overpayments for unemployment benefits after the passage of President Joe Biden’s 2021 American Bailout Plan.
The legislation allowed up to $10,200 of 2020 unemployment aid to count toward taxable income, but some US taxpayers had already filed before the law took effect.
The IRS noted that the average refund they are sending is $1,232, which adds a total of $14.8 billion to taxpayers.
Those who are going to receive these delayed refunds should have received a letter from the tax agency.
On Friday, the IRS issued a statement, noting that “some taxpayers received refunds, while others had overpayments applied to owed taxes or other debts. In some cases, the exclusion only resulted in a reduction in their adjusted gross income.” “.
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If you think you should get a refund but didn’t receive a letter, or if you have other tax questions related to the 2020 adjustments, contact the IRS at 800-829-1040.
What do you think about these tax refunds being issued now?
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