IRS pays tax refunds worth $14.8 BILLION to 12 million Americans after many ... trends now
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The IRS has finally refunded 12 million American taxpayers who incorrectly paid tax on their unemployment benefits during the 2020 tax year.
A total of $14.8billion was dished out, meaning the average refund was worth around $1,232, the agency said in a press release.
The refund applies due to the American Rescue Plan Act of 2021, which waived federal income tax on unemployment benefits - as long as they were less than $10,200 and the person's total income was less than $150,000 a year.
Some taxpayers were reimbursed by way of a refund, while others had the overpayment applied to taxes that are due or other debts. If selected as the refund method when filing the return, the money would be returned by direct debit.
President Joe Biden signed the American Rescue Plan Act of 2021 in March 2021, after many Americans had already filed their tax returns
About 40 million people collected
