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 · Is Your Tax Refund Late? IRS Will Pay You Interest. · 26 Jun 2020 podcast

It's basically set amounts above specified treasury rates. matched

So there's a formula on how they calculate it, and it changes every quarter. matched

And, you know, obviously, like no one's getting 5% on bank interest. matched

So it's actually a quite good deal for probably not that much money for most people, but still a quite good deal to have the IRS hang on to your money as long as possible this year. matched

Is this interest taxable? matched

Yes, it is taxable income. matched

So you may get the interest payment from the IRS, and then you may later get a 1099 from the IRS, which will tell you how much money the IRS gave you so you can give some of it back to the IRS. matched

No, I mean, it'll be X number of months behind. matched

So it'll come, you know, this will be part of your 2020 tax return that we have to pay income taxes on that refund. matched

Some of it. matched

There are definitely some refunds that are delayed because of the backlog of paperwork, processing documentation. matched

Most electronic returns are still going through just the way they normally would, but some are taking longer than usual. matched

So, for sure, in a lot of cases, and this doesn't apply to the stimulus payments, this is just your 2019 refunds, you're a byproduct of the IRS being behind on stuff because so many of the IRS employees have been, were out of their buildings for a long time or are still out of their buildings. matched

Secretary Mnuchin said this week that he was thinking about it and was listening to proposals to do that. matched

He has the full authority to do it. matched

You know, most people have filed. matched

There certainly are people who haven't. matched

And certainly people who owe estimated quarterly taxes for 2020 for the first and second quarters, you know, would I'm sure appreciate some reprieve because both the first and second quarters are due on July 15th, as well as corporate taxes. matched

But we'll just have to see where that lands. matched

You know, it doesn't affect a ton of people and maybe there are other ways to do it. matched

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