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.
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