Telephone Excise Tax Refund

This year the IRS will be issuing the most widespread refund in the history of the IRS: The Telephone Excise Tax Refund. This one time only credit is available in 2006 only and, according to the IRS, “is designed to refund previously collected long distance telephone taxes.” The standard amount available to taxpayers is between $30 and $60, according to total number of exemptions listed on the 2006 tax return. (Ours is $60.) Taxpayers also have the option of manually calculating the amount owed to them, but they’d have to either: 1) review the last 41 months of phone bills, or 2) review the last 2 and apply a forumula, determined by the IRS.

More info can be found here.

Don’t forget this! It’s found on line 71 of the 2006 1040.