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Welcome to the tax streamlining and simplification act of 2001 (smile)!

My question has to do with the "rebate". I'm a graduate student, and expect to have my M.A. completed sometime in August. My tax bill for last year was $458.

I'll get to the point and ask the obvious questions. (1) Am I going to receive a check for 1/3 of that? (2) How does this affect my tax return for next year?

Thanks,

Prettygenius.
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No. of Recommendations: 1
I'm a graduate student, and expect to have my M.A. completed sometime in August. My tax bill for last year was $458.

I'll get to the point and ask the obvious questions. (1) Am I going to receive a check for 1/3 of that?


Maybe. If you were claimed as someones dependent you'll get nothing. Otherwise you'll get $153.

(2) How does this affect my tax return for next year?

It's too soon to tell. The answer depends on your income for 2001. There will be a worksheet that might result in a credit you claim on your 2001 return. In the interest of sanity and your exams, I recommend you wait until you start working on your 2001 return to worry about it.

Phil Marti
VITA Volunteer
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