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| Bush Tax
Cut Rebate Checks
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The Bush Tax Cut created a new 10% tax bracket. The
10% tax bracket applies to the first $6,000 of taxable income for
singles, the first $10,000 for heads of households, and the first
$12,000 for joint filers. Although the new bracket is retroactive to
January 1, 2001, nearly all taxpayers will benefit from the lower rate
not when they file their 2001 return but by receiving a refund check
from the IRS some time before the end of the year.
Most taxpayers will receive a refund based on their filing status in
2000. In general the amounts are as follows:
| Single |
$300 |
| Head of Household |
$500 |
| Married filing Joint |
$600 |
The IRS will begin mailing the checks in late July. The checks will be
mailed in order based on the last two digits of the primary taxpayer's
social security number. The primary taxpayer is simply the first name
listed on the tax return in the case of a joint return. The IRS has
released the following timetable for the delivery of the rebate checks:
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| Last two digits of primary taxpayer social
security number are: |
The check should be received the week of: |
| 00-09 |
July 23, 2001 |
| 10-19 |
July 30, 2001 |
| 20-29 |
August 6, 2001 |
| 30-39 |
August 13, 2001 |
| 40-49 |
August 20, 2001 |
| 50-59 |
August 27, 2001 |
| 60-69 |
September 3, 2001 |
| 70-79 |
September 10, 2001 |
| 80-89 |
September 17, 2001 |
| 90-99 |
September 24, 2001 |
If your tax return was extended the refund may be received before the
end of the year, depending on when the return is actually filed. No
refunds will be issued after December 31, 2001. Those taxpayers that do
not receive a rebate check can claim a credit on their 2001 tax returns.
The rebate check will not be sent to taxpayers that have outstanding
tax debts or are delinquent on child support. |
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