The IRS says it plans to issue another batch of these special refunds before the end of the year, but the process of reviewing returns will continue into 2022
... [+]For folks still waiting on the Internal Revenue Service to deliver their special tax refunds for the unemployment compensation tax exclusion for 2020, don’t count on the money for the holidays. The IRS updated its IRS Operations During Covid-19 web page, as of December 20, with a new section showing the status of unemployment compensation exclusion corrections. It says it plans to issue another batch of these special refunds before the end of the year.
Why is the IRS issuing these special refunds? In the March 11th Covid-relief American Rescue Plan, Congress made up to $10,200 of 2020 unemployment benefits nontaxable for individuals and married couples whose modified adjusted gross income was less than $150,000. Generally, unemployment benefits are taxable, including basic state benefits as well as the extra $600 weekly CARES Act federal pandemic benefits.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Some 2020 Unemployment Tax Refunds Delayed Until 2022, IRS SaysThe IRS says it plans to issue another batch of special unemployment benefit exclusion tax refunds before the end of the year—but some taxpayers will have to wait until 2022.
Read more »
CES 2022: T-Mobile, Amazon, iHeartRadio and Others Cancel Plans Over COVID SurgeThe Consumer Technology Association is still proceeding with plans to host CES 2022 in Las Vegas next month. But a sharp rise in COVID cases due to the Omicron variant of the virus has prompted sev…
Read more »
Bitcoin Bull Vs. Bear In 2022Bitcoin is in a bear market not because it has fallen 20% and more, it is because the trend appears to be downwards and has been since November.
Read more »
30 drinks to toast to 2022 on New Year's EveYou'll be happily sipping the night away, whether you want something bright and bubbly or cozy and creamy.
Read more »
The 26 Most Anticipated Hotel Openings of 2022From an eco-friendly resort in Costa Rica to a five-star masterpiece in the South of France, here are the most anticipated hotel openings of 2022.
Read more »