03/29/2021
๐ฐ IRS UPDATE: March 23, 2021 ๐งพ Whats New? More Money?
๐ CLAIMING UNEMPLOYMENT INCOME: 1099-G
โ The American Rescue Plan allows unemployment benefits recipients to have $10,200 of this income claimed, tax-free. in 2020
โ If you already filed with this type of income (1099-G), expect an IRS adjustment to your tax return, and a possible refund. IRS states: do NOT amend your tax return for this sole purpose,
๐ TAX REFUND DELAYS 2021
โ Reports of tax refund processing delays due to stimulus check distribution, updates to the IRS system calculating unemployment tax changes, research of those claiming missed stimulus checks, and child dependent/tax credits. You may receive a message stating "return is still being processed. A date will be given when available'. As of March 19, 2021, near 7.6 million returns were on hold. Please be patient as IRS staff cleanup this back log of returns.