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

To me, one of the big differences is that in a lot of the private software, the refund total is the goal, right?

How much you're getting back from the government at the end of the day, which is not the same thing as your total tax bill.

The IRS is more focused on helping you finish the process and showing you how your taxes are calculated.

So the end is very much not...

You're getting whatever thousand dollars.

You know, here's like balloons floating from the screen.

It's very much, this is your income.

Here's what we subtracted to get your taxable income.

Here's how we calculated it.

Here's your credits.

Here's what your ultimate taxable was.

Here's how much you either owe or are getting as a refund.

It is driven not by that concept of trying to get the maximum refund, but driven by the IRS concept of trying to get the tax return correct.

This is not like that.

The IRS direct file system requires you to have your W-2 in front of you or in another window if you have it electronically and enter the information from each box.

So you've got to type it and make sure you're typing it correctly.

Correct.

So you're not using the W-2 that's filed with the IRS.

You're using the W-2 that you're getting from your employer.

When the IRS gets the W-2 from your employer and it sees what you filed on your return, its software will match those two and say, hey, do these two look like they're the same thing?

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