Business and Personal Finance Dictionary

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 

• REFUND
  
  The excess of your withholding and estimated tax payments for the year that you paid over your tax liability. Federal income tax refunds are not taxable. State income tax refunds may be taxable if you itemized your deductions in the year the state taxes were paid or withheld.
  
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