{"id":113860,"date":"2021-05-07T20:02:40","date_gmt":"2021-05-07T20:02:40","guid":{"rendered":"https:\/\/fin2me.com\/?p=113860"},"modified":"2021-05-07T20:02:40","modified_gmt":"2021-05-07T20:02:40","slug":"at-least-7-million-people-are-likely-to-get-unemployment-tax-refunds","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/at-least-7-million-people-are-likely-to-get-unemployment-tax-refunds\/","title":{"rendered":"At least 7 million people are likely to get unemployment tax refunds"},"content":{"rendered":"<ul>\n<li>About 7.3 million tax returns processed by early March seem to qualify for a new tax break on up to $10,200 of unemployment benefits, according to a Treasury report.<\/li>\n<li>Many of these taxpayers will likely get a refund from the IRS. Their returns were processed before President Joe Biden signed the American Rescue Plan, a $1.9 trillion Covid relief bill.<\/li>\n<li>To date, the IRS hasn&#x27;t said how many taxpayers it expects to get refunds.<\/li>\n<\/ul>\n<p>At least 7 million people likely qualify for tax refunds on unemployment benefits received last year, a new report suggests.<\/p>\n<p>The American Rescue Plan, which President Joe Biden signed in March, waived federal tax on up to $10,200 of jobless benefits, per person, collected in 2020.<\/p>\n<p>Taxpayers qualify if their modified adjusted gross income was less than $150,000. That limit is the same for all taxpayers, regardless of filing status.<\/p>\n<p><strong>More from Personal Finance:<\/strong><br \/>Montana, South Carolina to kick people off jobless benefits<br \/>Despite dismal jobs report, teenagers looking for summer work are in luck<br \/>29% of unemployed Americans have been jobless over a year<\/p>\n<p>About 7.3 million tax returns processed by the IRS as of early March seem to qualify based on those rules, according to a Treasury report issued Friday.<\/p>\n<p>Those returns reported a collective $87 billion in unemployment benefits, according to the analysis. They accounted for almost 99% of all processed returns that reported unemployment compensation.<\/p>\n<h2>Unemployment tax refunds<\/h2>\n<p>Many of these taxpayers are likely owed a refund from the IRS. Their returns were processed before the unemployment tax break became law on March 11 \u2014 meaning they likely overpaid their federal tax bill.<\/p>\n<p>To date, the IRS hasn&#x27;t said how many taxpayers it expects to get a refund. The agency didn&#x27;t respond to a request for comment on the report&#x27;s statistics.<\/p>\n<p>The IRS will start issuing refunds in May and continue paying them into the summer. (The agency may also apply the refund to any other outstanding taxes owed.)<\/p>\n<p>The Treasury watchdog report analyzed tax returns processed by the IRS as of March 4. The filing season started Feb. 12 and ends May 17.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/05\/07\/at-least-7-million-people-are-likely-to-get-unemployment-tax-refunds.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>About 7.3 million tax returns processed by early March seem to qualify for a new tax break on up to $10,200 of unemployment benefits, according [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":113859,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>At least 7 million people are likely to get unemployment tax refunds - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/at-least-7-million-people-are-likely-to-get-unemployment-tax-refunds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"At least 7 million people are likely to get unemployment tax refunds - 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