QAEconomics › Under which circumstance might you receive a tax refund from the IRS?
Q

Under which circumstance might you receive a tax refund from the IRS?

A. When your total of previous payments and applicable credits is more than the tax you owe.

B. When your total of previous payments and applicable credits is less than the tax, you owe.

C. When your total of previous payments and applicable credits is equal to the tax, you owe.

D. None of the above.

A

Answer: A. When your total of previous payments and applicable credits is more than the tax you owe.

The IRS can issue a tax refund if only the amount of tax paid by an individual is more than what was required of the person to pay. In other words, a tax refund may be given if you overpaid your tax i.e. the total of past payments as well as applicable credits when it is more than what you owe.

6 months ago
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