Did you receive some unexpected money in your account?
No, it’s not the fourth stimulus check. It’s the Internal Revenue Service that’s distributing refund payments to taxpayers who overpaid their taxes on 2020 unemployment.
Even though IRS hasn’t confirmed this officially, it’s the social media platform where many users have shared their tax transcript with the date of August 18.
Taxpayers Sharing their Joy on Social Media
Reddit users received the refund in her account & expressed their happiness on social media:
When asked, a source familiar with IRS confirmed a batch of payments was due to be delivered this week.
So, if you receive any payment via direct deposits, don’t be surprised as this is due for a long time.
Ever since the American Rescue Plan came to effect in March 2021, IRS is working to adjust approx. 13 million tax returns.
However, not every adjustment will come in favor of a refund as the federal law excluded up to $10,200 in 2020 unemployment compensation from taxable income.
Even last month, IRS had distributed around 8.7 million unemployment adjustments related refunds and as of now, the average refund size stands at $1,686.
That’s for now.
Were you expecting to receive a refund from the IRS?
And if you were, did the refund arrived in your account today?
Do let us know in the comments section given below.