Some taxpayers are about to receive a new stimulus check that, believe it or not, might stretch to five figures, depending on their personal financial situation and how recently they filed their 2020 federal tax return.
This is only a stimulus check in the sense that it was made possible by the $1.9 trillion stimulus-heavy legislative package that President Biden signed back in March, not that it's a continuation of the $1,200, $600, and $1,400 stimulus checks that were earmarked as prerequisite-free direct payments for taxpayers. In this new case, the surprise stimulus payment we noted above is a refund of up to $10,200 for eligible individual taxpayers for unemployment compensation they received in 2020 and which they reported on their federal tax return earlier year. Biden's stimulus law is what came along and changed that, with its provision that -- given the extraordinary nature of the pandemic year of 2020 -- people should get a break on jobless income being taxable, like it normally is. And so, the IRS is giving back a portion of what they received via refunds this spring and summer.
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You might get a massive $10,000 stimulus payment you didn’t even know about originally appeared on BGR.com on Fri, 28 May 2021 at 14:15:55 EDT. Please see our terms for use of feeds.
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