You might get a massive $10,000 stimulus benefit you didn’t even know about

[Andy Meek]

Some taxpayers are about to receive yet another new stimulus benfit, depending on their personal financial situation and how recently they filed their 2020 federal tax return.

This is not new a stimulus check, though it was made possible by the $1.9 trillion stimulus-heavy legislative package that President Biden signed back in March which funded a continuation of the $1,200, $600, and $1,400 stimulus checks that were earmarked as prerequisite-free direct payments for taxpayers. In this new case, the surprise stimulus benefit we noted above is a tax refund stemming from the $1.9 trillion stimulus bill, which excludes up to $10,200 in unemployment compensation from being taxable for 2020. Given the extraordinary nature of the pandemic year of 2020, the thinking behind including this benefit in the legislation was that people should get a break on jobless income being taxable, like it normally is. And so, the IRS is giving back a portion of what the tax agency might have collected from you via refunds this spring and summer.

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You might get a massive $10,000 stimulus benefit you didn’t even know about originally appeared on BGR.com on Fri, 28 May 2021 at 14:15:55 EDT. Please see our terms for use of feeds.

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