Chances are if you got your tax refund from the IRS it is already gone. But there is some hope to see a surprise tax refund that could be deposited in your bank account starting this week. This is because some taxpayers overpaid taxes on their unemployment compensation in 2020.
There are nearly 20 million people living in New York state and nearly 1/4 of us received unemployment and enhanced pandemic unemployment benefits since this whole thing started last year. So that is nearly 5 million people collecting a smaller amount of money than their job paid and they have to pay tax on this money. Or do they?
According to Syracuse.com, the U.S. Treasury Department says it has already sent out 90 million stimulus payments totaling $242 billion and about 150,000 checks totaling $442 million.. Are you one in 90.4 million?
The Capital Region is a buzz about the second stimulus payment from the government. Payments started going out on December 29, 2020 and some got their $600 directly deposited immediately while others received theirs by mail. So, why haven't you received yours? One reason might be that you are not eligible.