What is a Tax refund?
A tax refund is the amount returned to taxpayers when their total tax payments through withholding and estimated payments exceed their actual tax liability for the year. Refunds occur when employers withhold more federal income tax from paychecks than necessary, when taxpayers make excessive estimated tax payments, or when refundable tax credits exceed the tax owed. The Traditional 401k contributions can increase refund amounts by reducing taxable income. Taxpayers can choose to receive refunds as direct deposits or paper checks, or apply them to next year's estimated taxes.
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