IRS News Release: Another Round of Refunds for Overpayment of Taxes on Unemployment Compensation Going to Taxpayers (IRC §85)

Another round of refunds will be issued this week to nearly four million taxpayers who overpaid their taxes on unemployment compensation received last year, the IRS announced. Refunds by direct deposit will begin July 14 and refunds by paper check will begin July 16. Most taxpayers do not need to take any action as the IRS is reviewing the Forms 1040 and 1040SR to identify people who are due an adjustment with taxpayers who overpaid either receiving a refund or having the overpayment applied to other outstanding taxes or other federal or state debts owed. Taxpayers will generally receive letters ...