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The IRS will start issuing tax refunds in May to Americans who filed their returns without claiming a new break on unemployment benefits, the federal agency said Wednesday.
The American Rescue Plan waived federal tax on up to $10,200 of unemployment benefits, per person, received in 2020. Households with $150,000 or more in income are not eligible for the tax cut.
President Joe Biden signed the $1.9 trillion relief law during tax season, on March 11.