This could be a good week for over 1.5 million taxpayers as IRS tax refunds could be heading to your bank account or mailbox soon. Tax refunds are going out related to 2020 unemployment compensation.

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According to NJ.com, the IRS is in the process of adjusting returns thanks to the $1.9 trillion American Rescue Plan which provides immediate direct relief to families bearing the brunt of the COVID-19 pandemic.

The average refund will be about $1,265. The adjustment will allow taxpayers with a modified gross income of less than $150,000 to exclude up to $10,200 in 2020 unemployment benefits.

According to the IRS some 13 million taxpayers may be eligible for an adjustment for taxpayers who filed before the American Rescue Plan was passed. The IRS announced in early July that 4 million checks were sent out.

Direct deposit refunds have already started and paper checks will start going out in the mail on Friday, July 30th. Checks will continue to go out during the summer. You can also request your tax transcript from the IRS to see what new payments have been added

.If you have children under 18, chances are you could be getting some cashback as the 2021 Child Tax Credit Rollout is underway.  More than 39 million families nationwide could be receiving up to $300 a month in their bank accounts per child through the end of December 2021. The payments will be made on the 15th of each month.

You can also access the IRS website to see if you qualify. You will need your 2020 tax returns or 2019 if you haven't filed them in 2020. If you do receive payments and you're not eligible, you will have to refund the money back to the IRS.

sources: nj.com irs.gov fastcompany.com

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