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 · Stimulus Payments: What Happens if You Get the Wrong Amount? · 17 Apr 2020 podcast

Yeah, there are definitely some issues that are popping up.

I've been hearing from a bunch of people in all different directions, some people who didn't get the money and don't understand why, but then also people who can see that the money was paid but went to a bank account they don't know, some people who are getting less money than they thought.

So my assumption is that the bulk of payments happened the way they were supposed to happen, but around the edges, and these are big edges because we're talking about 80 million payments, there are a bunch of issues going on.

I talked to a single mom in Georgia for this story who expected to get $2,700 and ended up getting $1,200.

The payments for the children weren't there.

And it's hard for any of us to really know exactly what happened there.

When I talked to her, she met all of the eligibility criteria.

So...

That can make a difference for someone who's, even if someone has a job, a lot of people in this country, of course, are scraping by for $300,000, $500,000 means a lot to them.

So counting on that and then having it not come is certainly an issue for a lot of people.

So in the long run, the way to go get that is on the 2020 tax return, the one that they'll file almost a year from now.

And what you can do then is like if you had kids and you didn't get the payment now, you can get the payment then and sort of add on to it.

What we don't know is if there's some interim measure that you can...

take some way you can contact the IRS and say, hey, you know me, I've got these three children, send me the extra $1,500 in the meantime between now and the time I file my 2020 tax return next year.

That's just something the IRS hasn't quite clarified yet on whether you can do that.

Yeah, I mean, the balance here is always between speed and precision.

The IRS wants to get money out the door as quickly as it can, but it also doesn't want to, you know, make too many payments to people who aren't supposed to get them.

And there's a lot of people.

So, you know, this is... Remember, what they're essentially doing is turning the tax system, which is normally about collecting money, backwards and using it to send out money.

And it's not the IRS doesn't send out money all the time.

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