Keep an Eye Out for an IRS Refund if There Was an Error on Your 2020 Taxes

The IRS admitted that there were errors on over 12 million Americans’ tax returns for 2020 and that it will be issuing refunds of around $1200 for eligible individuals.

Oopsie

The American Rescue Act was the cause of the errors. In March 2021, when the bill was signed into law, it ended up leaving out around $10,000 in unemployment compensation “from taxable income calculations.”

The IRS has allegedly corrected around 14 million returns, translating to about $14 billion in refunds for Americans. The error mostly affected single and married taxpayers whose modified adjusted gross income was below $150,000 in 2020.

Am I Eligible?

Individuals who are eligible for the refund would have received a letter in the mail regarding the error and corrections. The IRS recommends that you hold onto the letter for your tax records. If you did not receive a letter but you believe you are eligible for the refund, you can file an amended 2020 tax return.

You can also visit the IRS website to see if you qualify.

Now Hiring

The House voted yesterday to repeal the bill that would give the funding necessary to provide 87,000 more agents to the IRS. Twitter users have been posting about their opinions ever since the results were announced.

We don’t need 87,000 new IRS agents to monitor your money transactions.

We need 87,000 new Border Patrol Agents to secure our borders.

— Mayra Flores (@MayraFlores2022) January 7, 2023

Aww, poor IRS won’t get their funding. I feel so bad for them…NOT.

— TEAM USA 🇺🇸 (@__TEAM_USA) January 10, 2023

We need 87,000 new immigration judges and support staff WAY more than more IRS agents.

— Matthew Kolken (@mkolken) January 10, 2023

House Republicans vote unanimously to cut funding for 87k new IRS agents. Well done, now finish the job and abolish the IRS. No quarters will be celebrated.

— Ian Smith (@iansmithfitness) January 10, 2023

 

More From A Dime Saved:

• The IRS Just Adjusted Its Tax Income Brackets — Are You Ready? 
• 10 Things That Are 100% A Scam but Accepted in Society
• Americans Are Moving to These States in Droves To Save Money

This post originally appeared on A Dime Saved.