The amount of money you would receive depends on how much you had to pay in taxes.
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As you well know, millions of United States citizens have received stimulus checks and different supports from the presidency of Donald Trump to that of Joe Biden, when the latter signed the American Rescue Plan Act in March.
Although many people paid special attention to stimulus checks, the reality is that there are other supports that they can access. One of the most important is the one that is given to parents to support them in the expenses they have for their children and another is the one that gives financial help to those who are struggling to pay their mortgages.
In addition to these, there is one more that you could qualify for that could pay you a lot of money.
This is the tax refund bill that excludes $ 10,200 in 2020 unemployment compensation from being taxable. This as a way to give those who are struggling with their finances a break on their tax returns.
And it is that due to the crisis that the coronavirus pandemic caused in the country, millions of people were unemployed for most of last year, and many of them probably filed their tax returns putting in them the total amount of money they received unemployment compensation.
If you filed your taxes before Biden’s bill was passed (which excludes up to $ 10,200 from being taxable), then it means the IRS may refund you money., and the best thing is that you do not have to do anything to receive it. The IRS will do the math and send you the money.
An IRS press release explained: “The IRS will determine the correct taxable amount of unemployment compensation and taxes. Any resulting overpayment of taxes will be refunded or applied to other outstanding taxes owed ”.
It should be noted that reimbursement of up to $ 10,200 is only for those who reported having an adjusted gross income of $ 150,000 or less in 2020.
Also, the amount you would receive depends on how much you had to pay in taxes.
Also, before giving you some money back, the IRS could first use this money to pay off debts you have with them.
Refunds are already being sent home and will continue to be sent throughout the summer, so if the refund is applied to you, you won’t have to wait too long to get your hands on it.
–You may also be interested in: There is an extra stimulus payment of $ 8,000 that the IRS will give: how it works