Richard Rubin
speaker
1,496 appearances
29 recordings
1 series
first heard Oct 2017
last heard Jan 2024
Richard Rubin’s voice in public audio — every appearance, attributed to the second.
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Appearances
This year...
you would have gotten $1,500 over the course of last year, and then would be able to claim the other $1,500 as part of your tax refund in early 2022, where we are now.
And so you could think of that as your sort of short $500.
You've actually gotten more, of course, but your refund may be somewhat smaller than you anticipated.
But you may also have changed your withholding to reflect that.
Your income or other pieces of your return may have changed as well.
You could be in a situation we've talked about where you have an additional child, and so you're getting more of a credit than you would have gotten in the past.
So there's just a lot of moving parts on any tax return, and it's hard to generalize whether people are going to have bigger or smaller refunds.
The key thing to remember is that for basically everyone, this is a larger break than it was in the past.
Yeah, the key thing to look for is the information that the IRS has sent out to households and one for each parent in a two-parent household that shows how much they say that they sent you over the course of 2021.
Because like we've said, you have to subtract that from the total amount of the credit that you're claiming because you've already gotten it.
And what the IRS says is file an accurate return.
So if the information doesn't match, say the IRS says we sent you $1,500 and you're like, no, I only got $1,000 or I didn't get anything, put on the return what you say you've gotten.
But just know that when that mismatch shows up in the IRS systems, that's going to make your refund take longer than it would otherwise because they've got to sort through that to make sure that you get the right amount.
Yes.
It's about whether the child was yours in 2021 for tax purposes.
So there's a whole set of rules that govern that.
But generally, if you had a baby in 2021, you probably didn't get those monthly payments in the second half of the year, and you can claim the credit
on the 2021 tax return.
You can also claim a stimulus payment for that child, a $1,400 payment.
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