Money Monday: IRS to issue unemployment tax refunds in May

Money Monday: Understanding unemployment tax refunds amid pandemic
Money Monday: Understanding unemployment tax refunds amid pandemic

Under the U.S.’ American Rescue Plan, unemployment benefits received in 2020 are not taxable -- to a certain extent.

The Internal Revenue Service (IRS) will be recalculating taxes filed for 2020, and issuing refunds to qualifying individuals in May.

Watch the video above to learn more.

Read more from the IRS: IRS will recalculate taxes on 2020 unemployment benefits and start issuing refunds in May


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About the Author:

Rod Meloni is an Emmy Award-winning Business Editor on Local 4 News and a Certified Financial Planner™ Professional.