The Internal Revenue Service issued 12 million tax refunds to Americans who paid too much in taxes on unemployment benefits they received in the first year of the pandemic. The agency corrected 14 million 2020 tax returns related to unemployment compensation, resulting in $14.8 billion in refunds that averaged $1,232 each. The IRS started correcting the returns in May 2021. The IRS undertook the tax probe because the American Rescue Plan, which excluded up to $10,200 in unemployment aid from… Source link
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