How do refunds work for taxes?

[Learners Quest]

Refund for taxes are one of those phrases that are easy to remember but hard to understand is what it means. In the simplest terms, a refund for taxes is a return of part of the money you paid in taxes, which your employer gives back to you.
Generally speaking, you can get a refund for the amount of money you overpaid in withholding tax (which includes Social Security and Medicare) or earned income tax from your employer. That is, instead of your employer using that amount to pay the government, he returns it back to you. But there are a few cases where you won’t get a refund if you’re owed one: if you don’t owe that much in taxes, or if you didn’t have taxes withheld. In addition, when looking at your refund status on IRS.gov, you also need to look at the “statute date.” This is the date on which (if no further adjustments are made by either your employer or the IRS) your refund will be sent to you or applied toward your tax liability next April 15th.

You should always ask for a refund if you’re due one because there’s no negative consequences once you receive it.

 

[niche]

In some countries, the banks and others offering interest on deposits are also supposed to deduct some amount on the interest which is paid on the bank or other fixed deposits. So if the overall income is very low, the citizen can get a refund of the taxes which the bank has deducted from the deposit. For this the citizen has to file tax returns.