Don’t Waste Your Money: Unemployment Tax Refund

Don’t Waste Your Money: Unemployment Tax Refund

The good: If you received unemployment benefits, you probably have a bigger tax refund coming your way. Were you an early filer? That’s good — but also bad.

USA Today says that under the latest stimulus package, you will not be taxed on the first $10,000 of unemployment pay in 2020. But from the “doesn’t that stink” file, why couldn’t Congress come up with this exemption last year?

They didn’t know it was coming and had no way of claiming it. As a result, millions of people who already filed will have to wait until May, June or July to see this additional money.

But the bad news: This new break was passed only a few weeks ago by President Biden and Congress, which means millions of people have already filed. That could mean an additional $2-5,000 back to your wallet, depending on your tax bracket.

What a mess and that stinks. In addition, states now have to decided if they will follow suit and give a bigger refund.

Source www.abc27.com Bottom line: Don’t file an amended return. The IRS will send you a bigger refund if you deserve it.

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