If you want to know the tax refund schedule for July 2021, online tools are now available that let you file for the unemployment compensation and monitor the delivery schedule of the money.
While the unemployment financial support plan was proposed months ago, the money was delayed in the IRS depository. After almost a month since its first supplemental refund, Cnet reported that unemployment funds are appearing in people's banks or by paper check.
Tax Refund Schedule for July 2021
The government is issuing a tax break for unemployed Americans, including a $10,200 tax exemption ($20,400 for married couples filing jointly). Unfortunately, some people might have overpaid their taxes, especially from last year. Since the $10,200 unemployment benefit waived payments from 2020, the money you paid would be returned as a refund.
To be clear, $10,200 tax exemption is just one of the possible tax refund you can recieve. You can also add the $300 weekly unemployment benefits. Note, however, that the IRS can withold the money to cover past-due debts like your unpaid federal or state taxes and child support. So this number is not the exact amount on what you are expected to recieve.
The first batch for these refunds was scheduled to come out in the summer. According to an online forum, the payment started appearing in early July. Others are getting updates that delivery is scheduled for July 14 or 26.
The first to receive their refunds are people with simple transactions like single taxpayers with no dependents. Others who filed as a head of household or married couples received theirs afterward. It is assumed that more complicated transactions like delayed filing of tax returns or multiple dependents might take a longer time to process.
To check your tax refund amount and status, the IRS needs you to use the "Where's My Amended Return" and get the Form 1099-G.
How to Use 'Where's My Amended Return?'
"Where's My Amended Return?" is a handy new online portal the IRS opened to monitor the status of your unemployment tax refund. First, however, you will need to have an account in the IRS portal. Then, you have to provide your Social Security Number, Date of birth, and Zip Code. The system will automatically search up your file.
If you only recently submitted your tax returns, your amended return can take up to three weeks before it reflects your information. Afterwards, the processing of your payment can take up to 16 weeks.
How to File for Form 1099-G
The most important file you need in order to estimate your unemployment funds is Form 1099-G. Usually, IRS sends this to you in reflection of your tax return status. In the Box 1, it will show the complete list of unemployment compensation you are expected to receive.
If you have not received one by paper mail, you can request it online. Do not call the IRS agency. Instead, open your IRS account and follow the steps below:
- Open your "Account Homepage"
- "View Tax Records"
- Select "Get Transcript"
- Enter "Federal Tax" and leave the "Customer File Number" empty
- On the "Return Transcript," open "Records of Account Transcript," "Account Transcript," and "Wage & Income Transcript"
- Sort it to show the last four years and select "2020 Account Transcript"
- Lastly, open the PDF transcript and read on the "Transactions" and "Refund issued" to learn about your payment status
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