IRS to Issue Refunds for Eligible Unemployment Compensation Tax Return Filings

IRS Corporate BuildingHave you already filed your tax returns? If so, you may see a larger tax refund than expected arriving in the mail as early as next month. Starting in May, the IRS plans to issue tax refunds to many of those who reported unemployment compensation on their tax filings prior to March 11th as part of the Amerian Rescue Plan.

Here is a list of those who will be eligible for the relief program:

1) Eligible Earnings = Less than $150,000 in modified adjusted gross income not including eligible unemployment compensation

2) Eligible Unemployment Compensation Amount =  Up to $20,400 for married and filing jointly or $10,200 for all other eligible taxpayers

3) Exclusion Dates = The relief package excludes only 2020 unemployment benefits.

If you are unsure if these changes apply to your tax filings, schedule an appointment with your experienced tax professional at Demian & Company, LLC. We're here to help you get the maximum amount of refund from your tax returns. Use our online form to contact us today or call us at (908)-272-4452!




Related Helpful Resources:

Accounting Today 

Department of Labor