The IRS corrected 14 million tax returns and the fixes resulted in nearly 12 million refunds.
Nearly two years after lawmakers temporarily changed tax rules in the middle of the filing season in order to exclude a major chunk of jobless benefits from federal income tax, the Internal Revenue Service said it’s finished the job paying eligible households who filed before the pandemic-era tax break became law.
Though the tax agency said it recently wrapped up the “final corrections,” the effort to issue extra payments stretch back to spring 2021. Although jobless benefits count as taxable income in the federal tax code, the American Rescue Plan of March 2021 excluded up to $10,200 from federal income tax for the 2020 tax year. The exclusion applied to households making under $150,000.
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