Money

Four million IRS refunds worth up to $10,200 per person going out this month

THE IRS is sending out four million refunds worth up to $10,200 per person to many Americans this month – but some people need to find out if they’re owned money.

Eligible recipients earn less than less than $150,000 and paid taxes this year on 2020 unemployment benefits will have their return evaluated and get the money – but not everyone has received it yet.

Not everyone has received their tax refund payment yet

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Not everyone has received their tax refund payment yetCredit: Getty

Users on the igotmyrefund.com forum and Twitter discussions revealed how many head of household taxpayers or those married with dependents got their cash in July.

Others got updates on their transcript with dates of July 14 or July 26. Yet, there are ways to find out if you’re owed money in the meantime, reported CNET.

The IRS will access your unemployment tax break and correct your return by sending a refund without any additional action from the person receiving it (the IRS can seize it to cover debt or child support).

The IRS will send put an Form 1099-G but keep an eye out for additional letters from your state’s unemployment agency if that applies.

STEPS TO TAKE

On the IRS’ form, is the total unemployment compensation paid in 2020 in Box one but some states may send you separate forms depending on the jobless benefits.

You can can wait to get the letter from the IRS, issued within 30 days of the adjustment, will tell you if it resulted in a refund or debt.

People can also use the Where’s My Refund tool and the Amended Return Status tool.

Additionally, to see if the IRS processed your unemployment refund, simply view your tax records online or request a copy of your transcript by mail or through the IRS’ automated phone service by calling 1-800-908-9946. 

Read our stimulus checks live blog for the latest updates on Covid-19 relief…

To view your records, visit IRS.gov and log in to your account, or set one up if you haven’t done so already.

You’ll see the Account Home page, then click “Tax Records” and on the following page, the Get Transcript button.

A drop-down menu will appear to ask why you need a transcript, so choose Federal Tax and leave the Customer File Number field empty, before clicking the Go button.

There, on the next page, users will see Return Transcript, Records of Account Transcript, Account Transcript and Wage & Income Transcript for the past four years.

Select the 2020 Account Transcript and then concentrate on the Transactions section, where you should find an entry listed as Refund issued.

It will be dated May or June – if it’s not there, however, that probably means the IRS have not processed your return yet but this is where you can see if you’re owed money.

The exact timing of the IRS rollout isn’t clear yet in terms of taxes and unemployment compensation, however.




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