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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