(PresidentialWire.com)- If you overpaid your taxes or unemployment benefits this year, then good news: the Internal Revenue Service announced on Friday that people are due to finally start receiving refunds.
According to the so-called “American Rescue Plan” – the name cleverly chosen for President Joe Biden’s and the Democrats’ multi-trillion-dollar package – workers who receive up to $10,200 in unemployment benefits last year will not be required to pay taxes on that money. However, because a law change was passed in Congress in March, after many people had already filed their returns, millions missed out on that benefit. It’s believed that as many as 10 million people have overpaid on their taxes this year and are due possibly substantial refunds.
If you’re one of those people, your tax return may have already been corrected and a refund could be on its way. Those who paid simple returns will be the first to receive the refunds – meaning if you did not claim children or other tax credits on your return, you could well receive a refund within a matter of days.
However, if your tax return is filed jointly as a married couple, then the IRS has predicted that your tax return may take until the end of the summer to be fixed.
If you believe you have overpaid, you don’t need to do anything. According to the latest update from the IRS, they are reviewing and correcting returns to determine the correct amount of taxable unemployment compensation, and while not all people will receive a refund, anybody who is eligible will be contacted.
Furthermore, if you provided your bank information when you filed your return, then you should expect the money to be paid directly to you via direct deposit. If you didn’t, then you’ll receive a paper check sent to your home.
Things are understandably a little more complicated than usual given that massive effect that shutting down much of the nation’s economy has had on most Americans, but thankfully the IRS is processing these refunds pretty quickly.