What Does Refund Mean?
A payment from the government for an individual's overpaid taxes. An individual in this situation is said to be "over-withholding". Federal income tax refunds are not taxable.

Investopedia explains Refund
A refund occurs when the government owes some of the taxes you paid throughout the year.

Filed Under: Taxes

Related Terms

Direct Deposit
Direct Tax
Earned Income Credit
Income Tax
Refundable Credit
Withholding
More Related Terms

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Money Saving Year-End Tax Tips - Getting organized well before the deadline will curb your frustration and your tax liability.
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