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60 Second Savings: Dial Up Tax Credit

Want a fast $30-$60? Don't forget the telephone tax credit.

Attention long-distance phone customers: Thanks to the Telephone Excise Tax Refund (TETR), some 160 million tax filers may take advantage of a one-time payment on their 2006 federal income tax return.

That includes individuals, businesses and tax-exempt organizations.

You can qualify for a refund on any previous long-distance telephone taxes billed after Feb. 28, 2003, and before Aug. 1, 2006.

If you are single and claim no dependents, the credit allowed is a standard $30. If you file single with a dependent, the credit is $40. If you file married with no children, the credit is $40. And if you file married with children, the credit is $60.

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To qualify for the standard deduction, you need to have paid all of your long-distance bills for 2006. The refund is claimed on line 71 of the 1040 form.

The TETR is valid for telephone taxes paid with landline, wireless or Voice over Internet Protocol (VoIP) service.

To view Farnoosh Torabi's video take of today's segment, click here.

Farnoosh Torabi joined TV in July 2006 as the site's first official video correspondent. Previously, Farnoosh was a business producer and on-air reporter for NY1 News, Time Warner's 24-hour news channel in New York City. Farnoosh is a regular columnist for AM New York and has written for Money, Time, New York Daily News and Newsday. Farnoosh is a graduate of Pennsylvania State University, with a degree in Finance and International Business and holds a M.A. from the Columbia School of Journalism.