The IRS reported that another 1.5 million taxpayers will receive refunds averaging more than $1,600 as it continues to adjust unemployment compensation from previously filed income tax returns. The American Rescue Plan Act excluded up to $10,200 in 2020 unemployment compensation from taxable income calculations. The exclusion applied to individuals and married couples whose modified adjusted gross income was less than $150,000. Since May, the IRS has issued over 8.7 million unemployment compensation refunds totaling over $10 billion. The IRS will continue adjusting tax returns in this category this summer. Most eligible taxpayers don’t need to take any action to receive their refunds. Call or visit our website for more information! www.mjscpa.com/
