Tuesday, June 22, 2021
Home > Stock Market > At least 7 million people are likely to get unemployment tax refunds

At least 7 million people are likely to get unemployment tax refunds


Samuel Corum/Bloomberg via Getty Images

At least 7 million people likely qualify for tax refunds on unemployment benefits received last year, a new report suggests.

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.

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.

More from Personal Finance:
Montana, South Carolina to kick people off jobless benefits
Despite dismal jobs report, teenagers looking for summer work are in luck
29% of unemployed Americans have been jobless over a year

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.

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.

Unemployment tax refunds



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: