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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WSJ Your Money Briefing · The IRS’s New Tax Tool Is Out. Here’s How It Works. · 30 Jan 2024 podcast

So it's going to be very limited at first.

When it opens, it will only be open to invited guests, basically.

They're reaching out to some state and federal employees, government workers to test it out first.

By mid-March, then it will open wider to the public.

Still only people in some states and only people with specific features on their tax return that fit within what direct file can do.

It is only in 12 states.

Now, that includes some very large ones like New York and Massachusetts, Texas and Florida and California.

Then it's limited by income.

A few types of income, wages, Social Security benefits, less than $1,500 of interest.

If you have any capital gains, any dividends, 1099s from working, like if you have some sort of gig job, those kinds of things are going to push you outside of the direct file pilot.

It can't handle wages over $200,000.

So there's a number of pieces that just sort of push you outside the system.

And what it does is it kind of gives you an off ramp.

It'll say, here are some other options for filing for free.

Here are some other tools you can use, but direct file is not for you this year.

So it is very intentionally limited to people with relatively simple returns.

No, my colleague, Ashley Ebeling, and I went through a dummy tax return at the Treasury Department.

Use the tool, but not actually get all the way to submitting it.

And so we did not put our own actual information in.

We put in wages and withheld taxes and any of the other key information from a W-2 and answer a bunch of questions, much like TurboTax or other software does, walks you through the process of completing your return.

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