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$14.4 Billion Worth of Tax Refunds Finally Given to Eligible Taxpayers; IRS To Distribute $1,600 Refunds Each Before the Year Ends

Tax refunds
$14.4 Billion Worth of Tax Refunds Finally Given to Eligible Taxpayers After Three Months of Waiting (Photo: Cabania | iStock | Getty Images Plus)

After three months of waiting, more than 11.7 million eligible taxpayers have finally received their tax refunds that totaled to more than $14.4 billion of an unemployment tax break, which was distributed on Monday, November 1. IRS also announced its plans of distributing another batch by the end of the year.

Tax refund

$14.4 Billion Worth of Tax Refunds Finally Given to Eligible Taxpayers After Three Months of Waiting
(Photo: CBS News)

Who Were Eligible for a Tax Refund?

Taxpayers who received jobless benefits in 2020 and paid before the American Rescue Plan was introduced were eligible to receive tax refunds, The Sun reported. So, those who earned less than $150,000 in gross income and insurance last year received their unemployment tax break.

Each of them received an estimated $1,600, although it may vary per person depending on their overall income, tax bracket, and earnings that came from unemployment benefits. The majority of them received their refunds via bank deposits or mailed as a paper check.

But experts suggest that those who are still waiting for their tax refund should try to access the online tracker application of the IRS, wherein they could also see an amended return status tool. Meanwhile, others can also request a copy of their transcripts via mail or call the automated phone service of the IRS at 1-800-908-9946.

When Will IRS Send the Next Unemployment Tax Refund?

According to CNet, the latest batch of unemployment tax refunds was sent to eligible taxpayers on November 1. Although there might be another one before the year ends.

Earlier this year, the IRS announced its plans in doing its recalculations by phase due to the recent changes made by the American Rescue Plan. They started with single taxpayers without any dependents and then moved to married taxpayers who jointly filed taxes.

The first batch received their tax refunds in early summer, who were those with the least complicated returns. More batches are expected to come, especially to those who have more complicated returns as they could take longer to process than the others.