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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Appearances
They're still working out exactly what those details are going to be, and then they've got to get it through the House and the Senate.
So we're definitely a couple weeks away from the final approval, the president's signature, and the money going out.
This only applies to some people, really people who've had big shifts in their income or in their family structure between 2019 and 2020.
Here's what's likely to happen.
Congress is likely to tell the IRS to base the next set of checks on 2019 or 2020 income.
from your tax return, whatever the IRS has.
So tax filing opens February 12th, this coming Friday, and the IRS has nothing from anyone on 2020.
And so if you want your check based on 2020, you might have an incentive to file your tax return pretty quickly after February 12th so that while Congress is finishing the bill, the IRS is processing your information and knows how much you made in 2020.
Yes.
If you would do better under the 2020 income, say you made $150,000 in 2019, so you wouldn't get any check based on that, but you made $50,000 in 2020 and you would get the full check based on that, then absolutely you're going to want to not be a procrastinator.
There's a flip side to that, which is that households that moved in the opposite direction, that for whatever reason had their income go up in 2021,
or had their family size change in a way where they would have qualified for less money, might want to wait so that the IRS is basing the amount on 2019.
You know, it's really worth waiting at some level to see those details as they start coming out.
But if you're in that group that might want to file early, you should at least be prepared to do that.
This isn't for everyone.
This is, you know, if your income was, you know, well within the range of what's going to qualify for a full check, if you made...
$35,000 in 2019 and $45,000 in 2020, then you would get the full amount no matter what and you're fine.
It's really for people who have had those big shifts, which of course is a lot of people who had really rough 2020s and saw their incomes go down.
So let's back up and try and unpack this a little bit because it's a little tricky.
So for the first two rounds, the ones that were paid in March and December of 2020, those were based on 2018 or 2019 income.
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