Hey Sorors- Here is an illustration of how the refunds are t be calculated. My source is the irs website at www. rs.gov that has already be referenced in this thred.
They direct you to the appropriate lines on your tax return form to determine what your rebate will be.
Thier site says this:
If you filed single or married filing seperately and made less than $6,000, your rebate will be 5% of your taxable income. If you paid less to the government than what 5% of your taxable income equals, you will get back all you paid but not more than you paid.
If you filed single or married filing seperately, made $6,000 and up your refund will be $300 as long as you paid more than $300 in taxes. If you paid less than $300, you will get back all you paid but not more.
If you filed head of household and made less than $10,000 than you will receive back 5% of your taxable income up to %500 as long as you paid $500 or more in taxes. If you paid less than $500, you will receive back all you paid. If your taxable income was more than $10,000 you will receive $500 as long as you paid more than $500 in taxes.
For people filing married, the taxable income thrshold is $12,000 in taxable income. Less than $12,000 the refund is 5% and above $12,000, the refund is $600. Again, this is all bound by how much you paid in taxes.
For everyone, if you paid less than your calculated refund, you will only get back what you paid. (ex. I would get $250 based on 5% of my income but only paid $200 in taxes. I can only get the $200 back, not more) Also, if you get back less than the $300, $500 or $600 max. you could have qualified for, you can get a credit on your 2001 taxes for what ever you did not get this year. (Example- if I only get $200 of my possible max of $300 this year, I get a $100 credit next year.) Also, if you did not pay taxes this year, you can apply your credit to your taxes in 2001.
I hope that was clear. Let me know if it was not and I will edit for clarity. Also, the irs site is very good at breaking this down.
Just trying to help my sisters out!
#3 Baltimore Metropolitan Alumnae Sp 99
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