First of tax refunds to be mailed next week
Published 12:00 am Thursday, July 19, 2001
Staff Writer
Starting next week, 96 million federal tax refund checks will be mailed out by the Interval Revenue Service to taxpayers across the nation.
Over one million checks totaling $545 million in tax refunds will be mailed out to taxpayers in Alabama starting July 23.
The IRS began mailing letters to taxpayers this week detailing the amount of money taxpayers will be getting back and when they can expect to see the money.
Ross Jinright, a certified public accountant with Gibson and Carden, P.C., said the amount each person gets back will vary with how each person filed taxes.
"Rebate amounts are up to $300 for single taxpayers, as much as $500 dollars for heads of households, and up to $600 for married couples," Jinright said.
Jinright said the rebate will be based on 2000 federal income taxes. Individuals who did not have taxable income in 2000 or were claimed as a dependent on someone else’s return will not get a check at this time.
The big question is when can people expect to see their checks? Jinright said that checks will be mailed out over a ten-week period.
"Checks are being mailed out according to the last two digits of your Social Security number," Jinright said. "If the last two digits of your Social Security number are 00-09 you’ll get your check the first week."
For married taxpayers that filed a joint return, the first Social Security number on the return will determine the mailing date for the check.
The tax cut plan signed by President Bush last month is the largest tax cut since 1981. In addition to the refunds, the bill reduces tax rates, eases the marriage penalty, eliminates the death tax and doubles the child credit.
Federal excise taxes on gasoline, alcohol, and tobacco will not be cut by the plan.
The plan will also not cut Social Security or Medicare payroll tax.