Finance

Tax refunds on $10,200 of unemployment benefits start in May: IRS

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Tax refunds on 2020 unemployment benefits are slated to start this month.

But some taxpayers — namely, single filers — will get the money sooner than others.

It may be summer before other groups, such as married couples and those with complex tax returns, get their refunds, according to the IRS.

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Here’s a look at more on how to manage, grow and protect your money.

Jobless benefits are typically treated as taxable income. The American Rescue Plan waived federal tax on up to $10,200 of unemployment benefits, per person, collected last year.

The Covid pandemic created the worst unemployment crisis since the Great Depression. Around…



Source cnbc.com

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