Why some taxpayers got 3 checks from the IRS in July:
It’s like the IRS is a cash machine. Here’s how to check that you’re getting what’s rightfully yours.The IRS announced today that it’s paid out more than 2.2 million stimulus payments in the last six weeks, pumping another $4 billion into the economy. The latest payments bring the total number of payments to more than 171 million—with a total value of more than $400 billion—authorized under the March Covid-19-relief, the American Rescue Plan.
In this latest round of payments, about 1.3 million went to individuals who recently filed a tax return, and more than 900,000 supplemental or plus-up payments went to people who got payments based on their 2019 tax returns but were eligible for a new or larger payment based on their recently processed 2020 tax returns. The IRS is continuing to send these out on a weekly basis.
Why the special unemployment benefits tax refunds? In the American Rescue Plan, Congress made up to $10,200 of 2020 unemployment benefits nontaxable. Generally, unemployment benefits are taxable, including basic state benefits as well as the extra $600 weekly CARES Act federal pandemic benefits. If you got unemployment benefits in 2020, you should have received a Form 1099-G showing the amount you were paid and any federal income taxes withheld. You don’t have to ask for a revised form.
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