The IRS just sent out a little less than half a million payments connected to the stimulus bill that Congress passed earlier this year. The payments are IRS unemployment tax refunds, and they stem from the so-called American Rescue Plan that President Biden signed into law in March.
Among other important provisions of that bill, it excluded the first $10,200 in unemployment compensation that people got last year from being taxed. Normally, unemployment income is subject to taxation, the same as any income. But last year was no normal period. Millions of people lost their jobs in the wake of the economically devastating coronavirus pandemic. And this was seen as a way to not add insult to injury, letting people keep more of the jobless income that's helped them get by.
The post Stimulus check update: 430,000 unexpected payments coming and you might get one appeared first on BGR.
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Stimulus check update: 430,000 unexpected payments coming and you might get one originally appeared on BGR.com on Fri, 5 Nov 2021 at 14:44:15 EDT. Please see our terms for use of feeds.