Federal Tax credit available to most everyone for excess taxes paid on phone service January 31, 2007

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Joseph Gillis Jr

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January 31, Federal Tax credit available to most everyone for excess taxes paid on phone service   While many may know of this credit, it is important to determine which route is best to maximize your refund.  For most, Option One below will be the best and easiest - the standard rebate with your tax filing.  However, for those who believe they have paid significant federal taxes, Option Three allows for the actual calculation of total taxes paid    The time period effected is a 41-month period: after Feb. 28, 2003, and before Aug. 1, 2006.  The rebates are being processed now, during income-tax season, through the Internal Revenue Service.  To claim a rebate, you essentially have three options: • Option One: If you file a federal income-tax return this season, claim the standard rebate amount — a minimum of $30, a maximum of $60 — right on your return. (On U.S. Form 1040, use Line 71; on Form 1040A, Line 42; on Form 1040EZ, Line 9.) • Option Two: If you don’t have to file a federal income-tax return this season, claim the standard rebate amount on a special form, Form 1040EZ-T. • Option Three: If you have special circumstances, don’t use either of the options listed above. Instead, use Form 8913, “Credit for Federal Telephone Excise Tax Paid.”

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