Many taxpayers can prepare for tax refunds to hit their bank accounts by the end of December.
The refunds are going to taxpayers that paid taxes on unemployment income when they didn’t need to. Many of them filed their taxes before it became a law that the first $10,200 of unemployment was untaxed.
Starting on Nov. 1 the IRS sent out 430,000 refunds with $551 million dollars. Earlier in the summer, millions of checks were sent out.
So far there have been 11.7 million checks sent out equating to $14.4 billion dollars.
The IRS is still working on returns, but saved the more complex ones for last. The total number of taxpayers they have identified needing refunds is around 16 million.
How much will it be and how do I know if I’m getting one?
The average refund for the most recent checks was $1,189.
There is no way to track these refunds like regular tax refunds or the child tax credits, but if your return was amended by the IRS, you will get a letter within 30 days of the correction.
The letter will say what the correction was and how much it was for.
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