Saturday, October 16

Complaints continue in networks about delays in sending refunds under an exemption of $ 10,200 in payment of unemployment taxes


Millions of Americans are waiting for their refund under the $ 10,200 exemption on unemployment taxes.

Photo: Karolina Grabowska / Pexels

Complaints on social networks continue about the delay in the arrival of refunds processed by the Internal Revenue Service (IRS) under the exemption of $ 10,200 in the payment of unemployment taxes provided in the “American rescue plan” of the Biden Administration .

According to the most recent press release available from the IRS on the distribution of the refunds, by the middle of this month a new batch of payments to eligible individuals.

“The IRS plans to issue the next set of refunds in mid-June. The review of returns and the processing of corrections will continue during the summer while the IRS continues to review the simpler returns and then moves to the more complex returns, ”the agency said in a statement on June 4.

By that date, the IRS had reviewed more than 3.1 million statements to send about 2.8 million payments to taxpayers.

About 13 million people They would be entitled to money under the $ 10,200 exemption, according to the entity’s estimate, so more than 10 million eligible Americans would be waiting for their money.

The frustration of some of these potential recipients has been felt in recent days on networks like Reddit.

An open forum to comment on IRS-related matters picks up the anxiety of some over the wait.

“My transcript (of taxes) said for May 31, now it says June 14, no other changes …”, reads a recent entry.

“The same, I hope they give us more information soon,” reads another reply message.

Some used the space to indicate that they have not received their regular refund money.

“I am from Massachusetts and I have not even received my regular refund. Single, no children, the most basic thing a statement can be. Ridiculous, ”one shared.

Biden’s plan excludes up to $ 10,200 in unemployment compensation taxes

The 2021 American Rescue Plan (ARPA) approved in the United States Congress last March excluded up to $ 10,200 in unemployment compensation per taxpayer paid in 2020. “The $ 10,200 is the maximum amount that can be excluded when calculating taxable income. ; it is not the amount of refunds ”, clarified the agency.

Taxpayers who have qualifying children who become eligible for the Earned Income Tax Credit after the exclusion is calculated may have to file an amended return to claim new benefits. “The IRS can adjust tax returns for those who are single with no children and who are eligible for the EITC. The IRS can also adjust the tax returns in which the EITC was claimed and the qualifying children were identified, ”the IRS noted.

Exemption applies to those who earned less than $ 150,000 in adjusted gross income

The $ 10,200 2020 unemployment compensation exemption from income applies to those who earned less than $ 150,000 in adjusted gross income.

“You are eligible to exclude unemployment compensation if you received it in 2020 and your modified adjusted gross income (AGI) is less than $ 150,000. The AGI modified for the purpose of qualifying for this exclusion is your 2020 adjusted gross income minus the total unemployment compensation you received. This limit remains the same for all tax states, regardless of whether you are married and file a joint tax return (it does not double to $ 300,000), ”the office explained.

Within 30 days after the refund has been processed, recipients will receive letters from the IRS, confirming the dispatch of the refund and the adjustment made.

It may interest you:


eldiariony.com

Leave a Reply

Your email address will not be published. Required fields are marked *

Share