The Internal Revenue Service (IRS) announced it sent out 12 million refunds totaling nearly $15 billion after making corrections to taxes that were filed in 2020.
The agency said it reviewed forms 1040 and 1040-SR from the 2020 tax year that were filed before March 2021, or when the American Rescue Plan was signed into law. It excluded up to $10,200 in 2020 unemployment compensation, the IRS said, from taxable income calculations.
