Anyone else in your family receive unemployment benefits last year?
If so, start checking your bank account in the next few weeks for an extra tax refund!
Consumer reporter John Matarese explains why, so you don’t waste your money
There’s great news for the millions of people who received unemployment benefits last year..
You could get an additional $4,000 or $5,000 refund later this spring.
Were your an early filer? That's good... and bad.
The good: if you received unemployment benefits, you probably have an bigger tax refund coming your way.
USA Today says that under the latest stimulus package, taxpayers will not be not taxed on the first $10,000 of unemployment pay in 2020.
That could mean an additional $2,000 to $5,000 back to you, depending on your tax bracket.
But the bad news: this new break was passed only a few weeks ago by President Biden and Congress, which means millions of people have already filed.
They didn't know it was coming and had no way of claiming it.
And from the doesn't that stink file:
Why couldn’t Congress come up with this exemption last year?
As a result, millions who already filed will have to wait until May, June or July to see this additional money
Additionally, states now have to decide if they will follow suit and give a bigger refund.
What a mess. And that stinks.
Bottom line: don’t file an amended return. The IRUS will send you a bigger refund if you deserve it.
That way, you don’t waste your money.