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American Morning

Ask CNN: How Do I Calculate My Tax Rebate?

Aired June 07, 2001 - 10:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
(BEGIN VIDEOTAPE)

ANNOUNCER: CNN viewer Dan Rozler from West Seneca, New York asks, "How do I calculate how much of a tax rebate I will receive this year provided by the new tax cut legislation?"

KATE SNOW, CNN CONGRESSIONAL CORRESPONDENT: The calculation is pretty straightforward. It's all based on your taxable income from the year 2000. The government will send you a check equal to five percent of whatever your taxable income was, up to a certain limit. For single people, the most that you'll get is $300 and you'll get that full amount as long as your taxable income was $6,000 or more. For married couples who made at least $12,000 in taxable income, they'll get the full amount of the refund and that's $600. For single parents, it's $500.

The Treasury Department says they're going to start sending out letters in mid-July to let you know exactly how much you'll be receiving. Then they'll start sending out the checks from July through late September. One note, though, if you moved since filing your tax returns for the year 2000, they say you should contact the U.S. Post Office, file a change of address form so they know where to find you.

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