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IRS to begin issuing refunds on up to $10,200 in unemployment income: How the headlines can affect your money

The IRS announced it would begin issuing refunds to taxpayers who received 2020 unemployment.


Markets fall slightly and the IRS will begin issuing refunds on unemployment benefits. Plus, ways to save on a used iPad. Here's how the headlines could affect your money.

Markets dip

With tech stocks continuing their downward trajectory, all three major indexes fell slightly Monday: The Dow dipped 0.2%, the S&P 500 fell 0.3%, and the Nasdaq fell 0.4%. Indexes were mostly flat Tuesday morning

IRS to begin issuing unemployment refunds

President Joe Biden's American Rescue Plan included a federal tax waiver on up to $10,200 of 2020 unemployment income. But many Americans eligible for the tax break filed before the plan became law.

The IRS announced Wednesday it would begin issuing refunds to some of those taxpayers this week. The first group to get their refunds will include single filers without children and those who did not claim any refundable tax credits. The second phase will include married couples filing jointly.

Tax credits vs deductions: Here's the difference

Video by Stephen Parkhurst

Buying a used iPad can help save money

IPads and tablets are expensive: The latest iPad Pro costs $800 and the Samsung Galaxy Tab S7 runs $649. Fixing an older model can cost hundreds of dollars as well.

If you're looking to replace an old tablet but don't want to shell out that much, consider buying secondhand, says Sascha Segan, a tablet analyst at PCMag. Look for a tablet that's less than five years old, and make sure to check that the charger port works and that it's been factory reset.

Words you've heard: home equity

Home equity is the value of a homeowner's interest in their property. It's calculated by finding the difference between the home's value on the resale market and how much the owner still owes on their home mortgage.

With home prices rising nationwide, home equity has hit record highs, according to Black Knight, a mortgage technology and research firm.

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

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