Tax refunds are a return of excess amounts of income tax that a taxpayer has paid to the state or federal government throughout the past year. In the United States, most people receive income tax refunds during the year. These refunds can be issued in the form of personal checks, U.S. savings bonds or direct deposits to the taxpayer’s bank account. Most refunds are issued within a few weeks of the date the taxpayer initially filed their annual income tax.
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