Tax Refund 101

By: Ryan Loyd Email
By: Ryan Loyd Email

SHERMAN, Tex. -- The idea of getting "free" money in the mail has caught the ears of millions of people. Texomans are excited, too. Who wouldn't be? But the question of who could be getting money in the mail can be confusing. We've simplified life for you to help you realize what, if any, money you could be receiving in May.

Simply go to the IRS website at http://www.irs.gov/irs/article/0,,id=177937,00.html and scroll down to the Stimulus Payment Examples. If you're Married with Children, click on the link to find how much you could be getting back. Same thing for another confusing category: Married Without Qualifying Children. The story's a little different on how much you could be getting, but the same principle applies -- it will tell you what you can expect. If you are Single with Children or Single Without Children, simply click the link to find out what refund you could get.

The IRS website has also outlined restrictions or limitations on those who may not qualify for a refund check. Individuals who make $75,000 or couples who file jointly and make $150,000 or more may receive a reduced amount or nothing at all.

On the flip side, if you are a low-income worker, a disabled person, or retiree, your possibility of getting a refund is very good.

Note: The IRS is stressing that you must file your 2007 Income Tax Return to be eligible. Once that's done, you don't have to do anything more than sit back and wait for your check in the mail.


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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by tori on Feb 19, 2008 at 08:42 AM
    ,comment by taxpayer.you must be a know it all it's people like you that live a lonely life.WHY because your a know it all and your so RUDE. oh my gosh,get a life
  • by taxpayer on Feb 19, 2008 at 05:47 AM
    Jennifer, they're not really deducting it from next year's tax return. Let's say you'd normally be due a $1,000 refund. They're giving you a tax cut (just an example here) of $600, that would now make your rebate $1,600. Instead of waiting until next year to give you the extra money, they're giving it to you now. It's not like they're taking out the $600 (again, an example) and your rebate will be $600 smaller than it normally would have been. If you're so concerned, why not put it in a savings account until tax time next year, and pretend like you got an even bigger refund? Why is this whole concept so stinkin' hard for people to understand?? It's an ADVANCE on a TAX CUT (or credit) for NEXT YEAR!!!
  • by Jennifer on Feb 18, 2008 at 09:14 AM
    So since its a rebate check. I wonder what would happen if you didn't cash it. You didnt technically take the money or cash the check so how could they deduct it from next years taxes?
  • by Bill Location: Healdton on Feb 18, 2008 at 05:17 AM
    I hate to disagree with the message from ME,but you are not correct on the fact the IRS will get the info from Social Security or the VA. If you do not file regularly with the Social Security an VA, you will need to file a 1040 or 1040A form and I believe on the 1040A, you will need to put what you get annually on the line 14A so that you will be in the IRS system. Go to IRS.gov and follow the links. It tells what has to be done. Thank you.
  • by Elizabeth Location: Whitesboro on Feb 17, 2008 at 01:39 PM
    The article above is misleading. People need to read the article I've listed below. It isn't free money. It is your 2009 tax return or at least part of it. It's not called the ECONOMIC STIMULUS REBATE for nothing. http://articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.aspx
  • by Reason Location: Logic on Feb 17, 2008 at 12:16 AM
    The actions of the present administration, (with the blessing of their party), pale in comparison with the misconduct of the previous one. (Clinton lied. No one got killed). Bottom line. Politicians, (both parties), are going to tell you whatever you want to hear to get elected. You have to decide who is more believeable. And whether or not you want more of the same partisan politics. For this country to exist in a state of peace and prosperity, something has to change. Since we are only going to have two real choices come November, I will be voting Democrat this year. No matter which candidate wins the nomination. Hopefully, then, we can reduce, (and eventually end), our presence in Iraq. Which will, in turn, bolster our struggling economy, and make funds available to fight the real war on terror, protect our borders, and help the working class. And, maybe. Renew some confidence in our government. Well, that's my political rant. I approved this message - Reason and Logic.
  • by Logic Location: Reason on Feb 16, 2008 at 11:00 PM
    The Intelligence we were provided, was only what they SELECTED to provide. Alot of that, turns out, was false. So much, in fact. That, it is hard not to believe that some was intentional. When you throw in all the other players, (Cheney/Halliburton, Gonzalas/Can't recall forty something times, Brown/FEMA, Libby/Plame, just to name a few), All hand picked. There is a clear pattern of coverup and incompetence. It would be nice to put ALL the blame on one person and his "staff". But, we can't. Herein, lies the problem. PARTISAN POLITICS have taken over! And, I cannot excuse the Republican Senators and Congress for blindly backing such a deceptive administration. I'm not saying the Democrats don't participate in the same partisan politics, but the present situation is both unacceptable and unprecidented. And, for the last 15 years, this movement has come from the right. As a very moral thinking Independent, this is troubeling. One more entry, and I'll stop. Thanks.
  • by logic Location: reason on Feb 16, 2008 at 10:01 PM
    I got My check in "01 , but you're right Buddy. It is "smoke and mirrors". Just like Sue, I also remember having to pay back the $600.00 dollars the following year. Not taxed on it, but $600.00 off of your total return. This is not a rebate! It is a loan. An advance on next year's tax return. You are getting money that will be deducted from next years return. If you don' get $600.00 next year, you will owe the difference! This is just another way the Bush administration tries to make you think they are doing something for the regular working guy. Enough "Smoke & Mirrors! I have always been very "Independent". Conservative, Moderate, liberal. Which ever one Reason & Logic dictate. We did the right thing going into Afganistan after Sept. 11. Since then, we have been misled, time after time. Like the Democrats that voted to give Bush the authorization to wage war, I too, (the skeptic that I am) believed alot of the "inteligence" provided by the administration. Cont. If you please.
  • by bearcatmom Location: whitesboro on Feb 16, 2008 at 06:44 PM
    Is this the same as in '01? I remember getting a small checfk then, but like sue said it was taken off the next refund. I do not like getting large amounts back. IT means I let the government hang on to this money for over a year when it could have been in my 401K or even just a savings account drawing interest. Also, from what I understand we won't even get this $ until June or July.
  • by leith Location: denison on Feb 16, 2008 at 06:25 PM
    Ok, I have a question I dont understand all the irs crap. I have two children and file jointly. I have to property taxes. I rent and the only thing i own is my car.I dont make no where near 75,000. How much will i get back.I think it is going to be $1200 for my wire and I and $300 for each kid is that right. Plus I will believe this when I see it. Thanks for helping me clear this up.
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