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Tax Refund

Definition

The money you receive back if you’ve overpaid your taxes during the year, effectively returning excess withheld funds.

What to consider

  • Examine the fees and interest rates before borrowing against your refund.
  • Consider whether waiting for your refund might be a better option.
  • Use this option only in a genuine cash crunch.

Real world scenarios

  • Shan receives a sizable refund and directs most of it into an emergency fund. She treats herself to a small reward but prioritizes savings.
  • Martha uses her modest refund to clear a store credit card balance, reducing monthly interest costs.
  • Peter adjusts withholdings after a big refund, preferring to have more money each paycheck rather than wait for tax time.

Related terms

Capital Gains Tax
Tax Filing
Alternative Minimum Tax (AMT)
Earned Income Tax Credit (EITC)
Tax Filing Deadline

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