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 · Tax Week: Investments and Your Tax Return · 10 Mar 2021 podcast

Will they fix it for you?

Will they pause accepting returns?

Will they extend the filing deadline?

That's coming up tomorrow on Your Money Briefing.

WSJ Your Money Briefing · Tax Week: Stimulus Checks and Your Tax Return · 8 Mar 2021 podcast

So, for example, if you have gotten, you got partial payments, you missed one of the payments, and for whatever reason, either income or family size, you now qualify for more money based on your 2020 income, then you do have to go through some steps in order to get the rest of that money.

No, this is not taxable income.

You can really think of it as like just like a tax refund that you get is not taxable income.

These payments from the federal government are not, for federal purposes, taxable income.

It depends.

If you got the full amount and you're not entitled to any more, then you don't have to do anything.

The only time that it really shows up on the tax return is if you didn't get everything that you are entitled to based on your 2020 income.

So, for example, if you have gotten you got partial payments, you missed one of the payments and for whatever reason, either income or family size, you now qualify for more money based on your 2020 income.

Then you do have to go through some steps in order to get the rest of that money.

So what you need to do, it's line 30.

It's called the recovery rebate credit, and there's a worksheet for it.

And either your tax preparer or the software will probably walk you through that pretty straightforwardly.

But you basically need the information from the letters that you got from the IRS or basically saying, I didn't get anything.

And then you'll basically need to show that you qualify.

Again, it's based on your 2020 income.

So there may be cases where you could have qualified based on 2019, you didn't get a check, and now your 2020 makes you not qualify.

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