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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But there's some really common situations where people are going to be claiming this.
One is a situation where someone had a baby during 2020.
The IRS made payments based on 2018 or 2019 income, whatever they had, and they obviously didn't know you had a baby until you're filing this return right now.
So up to $500 from that first payment, up to $600 from the second one, you can claim that by online 30%.
The other common situation might be if your income declined, right?
Those payments had phase-out ranges as income went up.
And so if your income declined either in the phase-out range or all the way below the sort of $75,000, $150,000 levels so that you would get the full payment, you can claim anything that you missed, that you didn't qualify for, again, based on what your 2020 income actually was.
No, you don't have to do anything about that at all.
If you got either too much because the IRS made a mistake or if you're in the situation where your income went up, let's say you made, let's take an extreme example, you made $40,000 in 2019 and...
as an individual, and in 2020, you had a great year, unlike a lot of people, and you made $200,000 as an individual, and you would have gone from getting full payments to no payments, you don't have to do anything.
You got the money, the IRS is not, in addition to not taxing it, you're not required or even expected to pay anything back.
I try to describe it as truing it up on your 2020 tax return, rounding up
bumping up to whatever you'd qualify for, you don't have to bump down.
It's very much a one-way kind of thing.
Yeah, it's a little messy.
So those checks are going to be based on whatever tax return the IRS has when they go ahead and do that.
And so that could be like mid-March.
And so if you want the IRS to use your 2020 return, say your income dropped a lot,
or you had a baby and you want them not just to use the 2020 return for the check one and check two, but to use it for check three, then you have an incentive to file now to make sure the IRS has your tax return and processes it and makes your payment based on what you have for 2020.
Now, it's only a limited benefit because the bill does sort of allow for
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