If You Got A Refund From The IRS This Year, They Owe You More
The Internal Revenue Service owes you more money. Don’t start making big plans though, it’s not going to be much.
If you filed your 2019 income taxes before the July 15th deadline and got a refund, expect a little more. The kind and benevolent folks at the Internal Revenue Service are sending an interest payment on your refund money so, you can expect a few more bucks.
An article in the El Paso Times says:
The interest payments will be deposited to taxpayers who filed their tax return by this year's July 15 deadline and either received a refund in the past three months or will receive a refund.
Now, don’t get excited and start planning home renovations or any big purchases … most of us are only going to get about $18. You really don't even get all that as, next year, you'll have to report it as income and pay taxes on it. That honestly makes me wonder why they’re even bothering. All the time and expense of disbursing the money is probably costing about half that much. Then, if you make between 9,701 and 39, 475 annually, you’ll owe 12% of that back next year. Meaning your $18 refund will ultimately only come to $15.84.
OK, so that dream cruise is still just a dream but at least it’s a couple of bucks. In my case, that means my dear old Uncle Sam is buying me either about 8 gallons of gas or a 12 pack of Coors Light.
Actually, with $15.84, I can probably also get a tall boy.