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Yes the government always pays interest on money it owes you.
by nightski 7y ago
Yes the government always pays interest on money it owes you.
- briandear 7y agoNot true. They don’t give you interest on your payroll withholdings. If you overpaid taxes by $5000, you get exactly $5000 back as refund, despite them having that money for a part of the year.
- creato 7y agoThey do pay interest that accumulates some time after the filing deadline. This is probably just a practical matter, because accounting for interest during the tax year would be complex/impossible because you would need to know when the various amounts of withholding exceeded the amount owed. I'm not even sure there is a single consistent way of doing this.
- deleted 7y ago[deleted]
- quickthrower2 7y agoIs that interest taxed?
- colejohnson66 7y agoFrom https://news.ycombinator.com/item?id=21924216 https://news.ycombinator.com/item?id=21924216 Yes.