IRS Completes Automatic Corrections of Tax Year 2020 Accounts Related to Unemployment Compensation

IR-2023-02, January 6, 2023 WASHINGTON — The Internal Revenue Service recently completed the final corrections of tax year 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation they received in 2020. The American Rescue Plan Act of 2021, which became law in March 2021, excluded up to $10,200 in 2020 unemployment compensation from [...]