I've heard about President Bush's tax cut. Will everyone be getting money back?
According to the Internal Revenue Service, individuals who had a federal income tax liability for 2000 and who could not be claimed as a dependent on someone else's tax return are eligible for the 2001 advance payment this year.
The IRS and the Treasury Department will start sending out advance payments later this summer. The first checks will go out the week of July 23, and most of the mailings will be completed by the end of September.
Single taxpayers who paid federal income taxes for 2000 could receive up to $300. Heads of households could get up to $500, and married couples could receive up to $600.
Taxpayers will be notified by mid-July how much they will receive.