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Andy Meek
Guest
This week was already chock-a-block with stimulus check-related news, before the IRS went ahead and decided to add something more on top of it all. The tax agency on Tuesday announced that nearly 4 million IRS tax refunds are being sent out this week -- adjustments, we should add, that are partly related to the $1.9 trillion federal stimulus legislation from back in March.
What's going on, exactly? Normally, when a person draws unemployment benefits, the IRS counts that as taxable income the following year. However, the stimulus legislation that funded a new round of stimulus checks also included a provision that excluded a portion of peoples’ unemployment income from last year for taxation purposes. Which was good news. Except for those people who’d already filed their federal tax returns early. Before March, to be more specific, which is when the legislation with this provision went into effect.
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The IRS is sending out almost 4 million refunds this week originally appeared on BGR.com on Thu, 15 Jul 2021 at 01:01:18 EDT. Please see our terms for use of feeds.
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