April 5, 2021

jobless

Received jobless benefits in 2020? IRS could be sending you money soon

Did you file your tax return just before you realized that you could get a tax break on a portion of the jobless benefits you received in 2020?

Here’s some good news: Big money could be heading your way soon — or some of that money could be applied to any taxes you might owe.

And you won’t have to amend a federal income tax return to get it. 

On Wednesday, the IRS said it would take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent tax

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Weekly jobless claims rise to 861,000 vs. 773,000 expected

Last week’s initial jobless claims soared to 861,000, despite more states and cities lifting restrictive business measures amid a decline in the number of coronavirus cases. Economists had predicted around 773,000 first-time claims for the week ended Feb. 13. Data for the previous week was revised up to 848,000 from 793,000.

“Total initial claims broke their three-week streak of declining numbers,” said AnnElizabeth Konkel, economist at Indeed Hiring Lab. “The movement of this number is going in the wrong direction, and at 6.7 times higher than the pre-Covid era, magnitude also remains a problem.”

The surprise rise in claims comes

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