There are millions of Americans who will receive a check from theIRS for about 1,232 dollars on average. Therefore, there will be some taxpayers who could get more money than that, while others will get much less. It was in March 2021 when President Joe Biden signed a key provision. In case you do not remember, it was under the American Rescue Act Plan. This plan tried to help taxpayers cope with the difficult situation. The IRS sent loads of stimulus checks from taxes.
According to the Internal Revenue Service, not everyone could qualify, but those who were able to get it could get up to 10,200 dollars. That amount of money could be for the taxpayers who qualified for unemployment benefits tax-free. However, the problem was that many taxpayers had already filed their tax returns for 2020. That was the year when there was such a high unemployment rate due to the pandemic.
It took a while to find out which tax returns had not received that money. Once IRS finished the process it is going to be paid now. They claim that they are going to issue 12 million tax refunds. IRS says that it will be worth $14,8 billion. In order to be able to get this exclusion, you will need to have a look at your adjusted gross income.
What is the limit the IRS set to qualify for it?
The Internal Revenue Service reports that the adjusted gross income for both individuals and couples had to be under $150,000. There were several possibilities because not everyone got a refund. In fact, some have been refunded, but others have paid debts or taxes with money owed. For some taxpayers, the IRS made a reduction of the adjusted gross income they had instead of a refund.
The thing is the IRS had to send notices by mail in order to inform everyone so that they knew the corrections. It is important that if you received that letter you keep it with the tax records they have. There are might be some mistakes and IRS did not include any corrections. Thus, if you think you qualify for the employment exclusion, you can do something about it.
If IRS did not correct it you may want to file an amended 2020 tax return. You can only do it if you have not claimed this unemployment exclusion yet regarding your taxes. The process will take quite a long time though. You may need to wait for more than 20 weeks according to IRS. If you are still waiting for your refund you can check its status online here.
What if I don’t understand the IRS tax payment?
If you don’t understand how to prepare your IRS tax payment, your best bet is to contact a specialist adviser. In addition, within the IRS itself, they can help us fill out the necessary forms to pay all taxes.
In any case, it will always be better to contact an advisor, as we have mentioned before, because this professional will help us faster and advise you directly to get the maximum benefit from the taxes we have to pay.
In addition to all this, it is also worth remembering that the IRS has declared it mandatory to report taxes on stolen property and illegal activity. So all US citizens who do some of these things must declare them as income.
Therefore, if you do not know how to file your tax return, there is no better way than to turn to a specialist. And remember that we have three months from January 23, 2023 to file our 2022 income tax return. The sooner we pay our taxes, the sooner we will receive the possible stimulus cheque with the tax refund.
Watch Out for Scammers
During IRS tax filing season, it is very common for scammers to pop up everywhere. Some of them pretend to collect our information through phone calls or text messages.
But not only that, some of them even come in person to the taxpayers’ home, demanding some payments. Therefore, if you receive a visit or a message of dubious origin, do not pay attention to it. Be informed before paying any type of tax claim, as it may not be from the IRS, but from scammers.