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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And if you didn't get the full amount...
Then when you're filing your 2020 return this year, you can use your 2020 income and claim it as what's called the recovery rebate credit on line 30 of your tax return.
So if you didn't get enough based on 2018 or 2019, once you look at your 2020 income, you can get round one and round two sort of topped up on your 2020 tax return.
Now, one might expect they'll do something similar.
Again, we haven't seen the language, but they might do something similar for this next set that if you didn't get the full amount, you'd be able to get the rest when you file your tax return early next year, early 2022, based on your 2021 income.
What's unknown is the question you're asking, which is, okay, well, what if you would have done better on 2020 for round three?
Is there a way to make a supplemental payment to basically top you up mid-year as opposed to waiting until your tax return in early 2022?
That's an unknown.
That's something that Congress is looking at, but they haven't decided whether they're going to sort of order the IRS to do that.
The other important thing to remember is that anytime you get a payment, with the exception of, you know, if you're doing something really fraudulent, but if you're just getting payments based on your past income and that turns out to be more than you should have qualified for, the payment is not taxable and you don't have to pay it back.
It's a one way thing.
So if you're ultimately eligible for more than you got as a payment in advance, you can claim the rest.
If you're ultimately eligible for less, again, with the exception of, you know, you doing something like shady and illegal, you don't have to pay it back.
All right.
That's Wall Street Journal tax reporter Richard Rubin.
And Democrats now, once they take these majorities next week after the inauguration, will have the ability to set the agenda in the Senate.
So it won't be necessarily a case of things not being able to get votes.
But then the question is, are there going to be enough votes to do these things?
So how they get packaged, how they get sequenced, all of that is what Democrats are trying to hash out.
I think the new majority, this new Democratic majority, feels a lot of urgency.
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