The Internal Revenue Service said that it has issued tax refunds to millions of Americans who overpaid taxes on their unemployment benefits in 2020.
to 12 million Americans who qualified for a tax break on unemployment benefits collected during the first year of the COVID-19 pandemic.
In a news release this week, the agency said that it amended 14 million returns from the 2020 tax season. In total, it distributed roughly $14.8 billion in refunds that averaged $1,232 each. "Some taxpayers received refunds, while others had the overpayment applied to taxes due or other debts," the IRS said in a statement. "In some cases, the exclusion only resulted in a reduction in their adjusted gross income."The correction came as a result of the American Rescue Plan Act of 2021, which
on up to $10,200 in 2020 unemployment insurance benefits for individuals who earned less than $150,000 a year.
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