IRS Sending Money To Taxpayers
Here’s what happened…
It has just been learned that President Biden’s IRS has sent delayed tax refunds to 12 million Americans who ended up qualifying for a tax break on unemployment benefits which were collected during the first year of the COVID-19 pandemic.
According to Fox, the IRS said that they amended over 14 million returns from the 2020 tax year which equaled out to around $14.8 billion in refunds that came out to around $1,232 each for taxpayers.
In a new statement the IRS said, “Some taxpayers received refunds, while others had the overpayment applied to taxes due or other debts. In some cases, the exclusion only resulted in a reduction in their adjusted gross income.”
This new change came after the American Rescue Plan Act of 2021 which waived the income taxes of Americans up to $10,200 for the 2020 years’ unemployment insurance benefits for taxpayers who earn less than $150,000 a year.
It is reported that over 40 million Americans accepted unemployment benefits in 2020 in which the average person received around $14,000.
