The IRS started with the simplest tax returns and is now reviewing more complex returns. Of that number, approximately 1.5 million taxpayers are expected to receive a refund. For taxpayers who overpaid, the IRS will either refund the overpayment or apply it to other outstanding taxes or other federal or state debts owed.įor this round, the IRS identified approximately 1.7 million taxpayers due an adjustment. The IRS review means most taxpayers affected by this change will not have to file an amended return because IRS employees have reviewed and adjusted their tax returns for them. The IRS effort focused on minimizing burden on taxpayers so that most people won't have to take any additional action to receive the refund. The IRS will continue reviewing and adjusting tax returns in this category this summer. Since May, the IRS has issued over 8.7 million unemployment compensation refunds totaling over $10 billion. This is the fourth round of refunds related to the unemployment compensation exclusion provision. Refunds by direct deposit will begin July 28 and refunds by paper check will begin July 30. The exclusion applied to individuals and married couples whose modified adjusted gross income was less than $150,000. The American Rescue Plan Act of 2021, which became law in March, excluded up to $10,200 in 2020 unemployment compensation from taxable income calculations. WASHINGTON - The Internal Revenue Service reported today 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.
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