If you haven’t checked your bank account recently, now is the time. The IRS is sending out an average payment of $2,939, and it could land in your account as soon as this weekend. But here’s the catch: it’s not for everyone.
This financial boost is tied to a special IRS program, and only a specific group of taxpayers qualifies. If you’re part of that group, checking your direct deposit or mailbox could reveal some unexpected — and much-needed — funds.
Why Is the IRS Sending Out These Payments?
This round of IRS payments is linked to a tax adjustment initiative affecting people who overpaid taxes on unemployment compensation during the pandemic.
Back in 2020 and 2021, many Americans who lost their jobs collected unemployment benefits. However, there was widespread confusion around whether those benefits were taxable — and how to report them.
Congress later excluded up to $10,200 in unemployment compensation from taxable income for individuals earning less than $150,000 in 2020. But many people filed their taxes before this exemption was passed, meaning they overpaid.
To make things right, the IRS began automatically adjusting those tax returns and issuing refunds or credits — and this latest round of payments is part of that effort.
Who’s Getting the Average $2,939 IRS Payment?
According to recent IRS updates, this payment is going out to taxpayers whose 2020 returns were corrected due to the unemployment exclusion, either manually or automatically.
Here’s what qualifies you for the payment:
- You filed a 2020 tax return that included unemployment income
- Your adjusted gross income was less than $150,000
- You submitted your return before March 2021 (when the law changed)
- You haven’t already received an adjustment or refund related to this issue
The IRS has been conducting these corrections in phases, and this latest round — set to hit accounts by Sunday — will cover another hundred of thousands of cases.
If you’ve already gotten a letter from the IRS confirming an adjustment or refund, you may be on the list. If you haven’t — but think you qualify — it’s worth checking your IRS transcripts or tax filing software for updates.
How Will You Receive the IRS Money?
For most recipients, the IRS is sending this money via direct deposit to the bank account listed on your original 2020 return.
If you didn’t include banking details, or if your account is now closed, the IRS will mail a physical check to your most recent address on file.
Here’s how to track it:
- Log in to your IRS account at IRS.gov
- Check your 2020 return and look for “Refund Issued” status
- Use the “Where’s My Refund?” tool to track progress
- Review your Tax Transcript for any refund codes or updates
Refunds are being processed now and should arrive by Sunday, June 9, according to IRS insiders.
What If You Didn’t Qualify Then — But Might Now?
If you weren’t eligible for the refund back in 2021 but amended your 2020 return since then, you might now qualify.
The IRS is still reviewing amended returns that include unemployment corrections. So, if you’ve recently updated your filing or submitted new documentation, your refund could be in the next round — possibly later this summer.
If you never amended your return but believe you qualify, now is the time to act. You can still file an amended 2020 tax return (Form 1040-X) to claim the exclusion — but don’t wait, as the three-year window to amend is closing.
Conclusion: Don’t Ignore Your Bank Alerts — A Big Refund May Be Waiting
This refund is a long-awaited correction for Americans who paid too much tax during one of the country’s toughest economic periods. With an average payout of nearly $3,000, it’s a meaningful amount that could help with bills, rent, or summer expenses.
But again — only those who qualify will receive it. If you filed your 2020 taxes early, included unemployment income, and haven’t yet received a correction, you might be next in line.
The IRS has already issued over 14 million of these refunds, and this latest batch is still rolling out. Check your account, monitor your mailbox, and don’t miss what could be your money — arriving before Sunday.