A calendar year taxpayer files his 2014 Federal income tax return on March 5,2015.The return reflects an overpayment of $6,000,and the taxpayer requests a refund of this amount.The refund is paid on May 15,2015.The refund need not include interest.

Question

Quizplus · Accepted Answer

Interest on tax refunds is generally not required if the refund is issued within 45 days of the return being filed. Since the refund was paid within this period, no interest is needed.

A Calendar Year Taxpayer Files His 2014 Federal Income Tax