๐–๐‡๐€๐“ ๐“๐Ž ๐ƒ๐Ž ๐€๐๐Ž๐”๐“ ๐“๐‡๐„ $๐Ÿ๐ŸŽ,๐Ÿ๐ŸŽ๐ŸŽ ๐”๐๐„๐Œ๐๐‹๐Ž๐˜๐Œ๐„๐๐“ ๐“๐€๐— ๐๐‘๐„๐€๐Š ? (๐Ÿ‘/๐Ÿ๐Ÿ’/๐Ÿ๐ŸŽ๐Ÿ๐Ÿ)

The American Rescue Plan provides that $10,200 of 2020 unemployment insurance will be tax free for those with Adjusted Gross Incomes (AGIโ€™s) below $150,000.

So what do you do if you already filed a tax return before the above was passed on March 11, 2021 and it wasnโ€™t reflected in your return?

According to the IRS Twitter feed and IRS Commissionerโ€™s March 18 testimony before the Oversite Subcommittee, the IRS will automatically process refunds for individuals who paid taxes on their unemployment benefits before the new law.

SO-Thereโ€™s no need to file an amended return. Refunds based on the above will be generated automatically by the IRS.

For more info, see https://twitter.com/hashtag/COVIDreliefIRS?src=hashtag_click or listen to the IRS Commissionerโ€™s testimony at https://waysandmeans.house.gov/legislation/hearings/oversight-subcommittee-hearing-irs-commissioner-2021-filing-season

If you need help, contact us at https://tjcarroll-law.com/contact/

๐“๐ก๐จ๐ฆ๐š๐ฌ ๐‰๐š๐ฆ๐ž๐ฌ ๐‚๐š๐ซ๐ซ๐จ๐ฅ๐ฅ, ๐.๐‚. ๐ข๐ฌ ๐š ๐ฅ๐š๐ฐ ๐Ÿ๐ข๐ซ๐ฆ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ข๐ง๐  ๐จ๐ง ๐Ÿ๐ž๐๐ž๐ซ๐š๐ฅ ๐š๐ง๐ ๐ฌ๐ญ๐š๐ญ๐ž ๐ญ๐š๐ฑ๐ž๐ฌ ๐ญ๐ก๐š๐ญ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐ฌ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐š๐ง๐ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ญ๐š๐ฑ ๐ก๐ž๐ฅ๐ฉ ๐š๐ง๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐ญ๐จ๐๐š๐ฒ ๐š๐ง๐ ๐ญ๐จ๐ฆ๐จ๐ซ๐ซ๐จ๐ฐ.

๐Ž๐ฏ๐ž๐ซ ๐Ÿ‘๐Ÿ“ ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐„๐ฑ๐ฉ๐ž๐ซ๐ข๐ž๐ง๐œ๐ž ๐ข๐ง ๐ˆ๐‘๐’, ๐๐˜ & ๐๐‰ ๐“๐š๐ฑ ๐€๐ฎ๐๐ข๐ญ๐ฌ, ๐€๐ฉ๐ฉ๐ž๐š๐ฅ๐ฌ & ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ .

๐–๐–๐–.๐“๐‰๐‚๐€๐‘๐‘๐Ž๐‹๐‹-๐‹๐€๐–.๐‚๐Ž๐Œ