In case you haven’t heard, the 2006 tax year ushered in the most wide-reaching IRS refund of all time… The Telephone Excise Tax Refund. This is a one-time refund that is meant to make up for previously collected long distance phone taxes that have since been rolled back.
When you file your taxes this year, you’ll have a choice — take the standard refund (more below), or locate your old phone bills and claim the actual amount. In the case of the former, check the chart below for your refund amount. In the case of the latter, you’ll need to fill out Form 8913 (Credit for Federal Telephone Excise Tax Paid).
When it comes to claiming the standard deduction, qualified individuals are entitled to a $30-$60 refund, depending on the number of exemptions that they can claim. Here’s the breakdown:
1 exemption: $30 refund
2 exemptions: $40 refund
3 exemptions: $50 refund
4 or more exemptions: $60 refund
If you opt for the standard deduction, you can claim it on line 71 of Form 1040.
