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franklin county times

Show me the money!

By Staff
REFUND TIME Americans are waiting on promised tax refunds from the Internal Revenue Service ranging from $300-$600. Photo illustration by Carisa McCain/The Meridian Star
By Sheila Blackmon/The Meridian Star
June 21, 2001
Local accountants' phones and ears are ringing, as people try to figure out when and how much refund money they will receive under a new tax law.
Beginning next month, taxpayers across the nation will find checks for up to $600 from the Internal Revenue Service and U.S. Treasury Department in their mailboxes.
Accountant Keith Evans of Rea, Shaw, Giffin and Stuart in Meridian said he and his partners are getting calls from their clients. Most want to know when checks will be issued.
The checks are advance payments for a 2001 tax credit under the Economic Growth and Tax Relief Reconciliation Act of 2001. They are not taxable income on federal tax returns, according to the IRS' Web site.
The IRS will send letters in mid-July telling taxpayers how much they will receive and the week their checks will be mailed. Letters will also be sent to ineligible taxpayers explaining why they will not receive checks.
The first checks will be mailed the week of July 23; groups of checks will be mailed until the week of Sept. 24. When taxpayers receive checks depends on the last two digits of their Social Security numbers.
The fine print
Evans said the checks are based on taxable income for the year 2000.
Tax liability is taxable income multiplied by tax rates, he said.
According the IRS' Web site, people are not eligible if they could be claimed as a dependent on someone else's tax return, or didn't have a tax liability.
People have a tax liability if their tax was greater than their non-refundable credits such as child tax credits, education credits or child care credits. Refundable credits, such as earned income tax credit, don't factor into eligibility, according to the Web site.
Evans encourages clients who have gotten extensions to file their returns because checks won't be issued to those who haven't filed for 2000.
Sheila Blackmon is a staff writer for The Meridian Star. Call her at 693-1551, ext. 3275, or e-mail her at sblackmon@themeridianstar.com.
Timetable:
If the last two digits of your Social Security number are You should receive your refund the week of:
00 – 09 July 23
10 – 19 July 30
20 – 29 Aug. 6
30 – 39 Aug. 13
40 – 49 Aug. 20
50 – 59 Aug. 27
60 – 69 Sept. 3
70 – 79 Sept. 10
80 – 89 Sept. 17
90 – 99 Sept. 24
Source: www.irs.treas.gov
How will you spend your refund?
Scott Culpepper, Meridian
Gabe Rawson, Southeast Lauderdale County
Bonnie Collins, Duffee
Brenda Parks, Meridian

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