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 · How the Expanded Child Tax Credit Payments Work · 16 Jun 2021 podcast

And it's set up as an opt-out kind of program. matched

So if you file the tax return that had... matched

you know, an eligible child on it and your income is eligible, which we can talk about what the income levels are here, then you'll just automatically get the money in the same bank account where you got your tax refund or your stimulus check. matched

And you can eventually will be able to go to an IRS website and say, no, no, I don't want it. matched

I will just deal with it all in my tax return. matched

Yeah, you can imagine a situation where you're used to your tax refund, you've planned on a certain tax refund for next April, and you're concerned that taking some of the money now would reduce that too much, and you don't want to just worry about any of that, and you'll just get it all on your return next year. matched

There may be some people who do that, and we'll certainly see over the course of the next few months how many people do opt out. matched

Yeah, so there's two different income thresholds that are important. matched

One is the child tax credit expansion, that increase from $2,000 to $3,000. matched

That starts phasing out when income for individuals hits $75,000 and $150,000 for married couples. matched

But it doesn't phase out to zero. matched

It phases back down to the pre-existing $2,000 credit. matched

That credit, as has been the case since 2017, starts phasing out once individual income hits $200,000. matched

And married couples income hits $400,000. matched

So it's sort of a series of stair steps, if you will, going from the maximum credit for everyone below those first thresholds and then down to the $2,000 credit for basically the upper middle class and then some people toward the top. matched

And then it phases out entirely for very high incomes. matched

After this year goes back to where it was, which is a $2,000 credit and phasing out starting at $400,000 with less of it being fully refundable and the monthly payments go away. matched

President Biden has proposed extending this expanded credit through 2025. matched

There are some congressional Democrats who want to extend it permanently. matched

And that's one of the things that Congress is going to debate over the summer and fall as they figure out what, if any, additional tax and spending package they can support. matched

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