Another 1.5 million refunds are going out to those who paid taxes on 2020 unemployment pay investinyou (In partnership with acorns.)
Generally, unemployment compensation is taxable. But in March, the American Rescue Plan waived taxes on the first $10,200 in unemployment income, or $20,400 for a couple who both claimed the benefit, for those who made less than $150,000 in adjusted gross income in 2020 in light of the coronavirus pandemic.
Passage of the law came after some people had already filed their 2020 returns, leaving those taxpayers wondering if they'd need to submit an amended return. The IRS later confirmed it would adjust returns and automatically send refunds to eligible taxpayers. The first of those payments went out in May. The IRS has since sent roughly 8.7 million unemployment compensation refunds totaling some $10 billion.
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