Don’t Be So Happy About That Tax Refund

April 15, 2015 11:10 AM

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Americans hate filing tax returns, but they love getting refunds. More than three in four taxpayers get refunds, and the average amount they get back is close to $3,000, according to IRS data. That means that for many Americans, their annual refund is the biggest single check they’ll get all year.

But if you’re among the millions expecting a payout from the IRS this spring, make no mistake: That money was yours all along. Getting a refund means you paid too much in taxes last year and the government is paying that money back — without interest. People who underpay, on the other hand, owe inte...

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