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Not 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 t
by briandear 7y ago
Not 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]