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 · When to Expect Coronavirus Stimulus Checks · 27 Mar 2020 podcast

there's two things that happen.

One is, if you're above those limits, then you would either get a smaller payment or no payment at all right now.

But you would be able to get a payment on your 2020 tax return as part of that whole process.

So you maybe you could get the full 1200.

The other thing is to remember is that this payment is not the only piece of what the government is trying to do here.

So the bill that's working its way through Congress right now has enormous expansions of unemployment insurance.

So people who

who see their income go down because they become unemployed, and the definition of that is actually much broader than it used to be, will be able to get a lot of money, sometimes up to an additional $600 per week for a few months.

As a result of that, by going to your state unemployment office or state unemployment office system online,

and applying for benefits that way.

And so you shouldn't necessarily think of these IRS payments as the only thing the government is doing.

For people who really have those income drops due to lapses in employment, there is that other big avenue to go to.

You don't get the advance payment for that.

So that $500 for child doesn't come until you file your 2020 tax return early next year.

These upfront payments are based on the 2019 return and then it gets reconciled on the 2020 return.

But the important point about that is it doesn't get reconciled downward.

So if you get more in this initial payment than you ultimately would qualify for based on your 2020 income and your 2020 family situation, they're not going to come take any of that money back.

We don't know.

I think that's going to depend on Congress for sure.

It's going to depend on what happens over the next few weeks with the virus.

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