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re: Why are people excited about a tax refund?
Posted on 3/19/14 at 10:43 am to slackster
Posted on 3/19/14 at 10:43 am to slackster
quote:
because that means my money spent a year or more with the IRS earning exactly NO money for me.
This statement is false. Part of your money spent more than a year and part of it only was there for a few months. On average your money spent a good bit less than a year there.
1
Posted on 3/19/14 at 11:06 am to VABuckeye
quote:
This statement is false. Part of your money spent more than a year and part of it only was there for a few months. On average your money spent a good bit less than a year there.
In practice, yes, you are right. However, if you withheld $24,000 during the year and have a tax liability of $22,000, then you overpaid $2,000. Technically, that $2,000 could have been paid to you instead of the IRS on any paycheck during the year. If you got paid on the 1st and the 15th, then you could have had NO federal tax withholdings on your January 1st and 15th checks if you desired, and things would have worked out perfectly for you.
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