The Ultimate Tax Refund Quiz
There's not much to like about tax season unless you're a tax accountant, but there is a bright side: the refund! How much do you know about tax refunds?
What was the average tax refund in 2010?
When you overpay taxes and get a large refund, the IRS does this.
- pays you the interest earned
- sends you a thank-you note
- pays no interest
If April 15 is nearing fast, and you need that refund but aren't prepared yet, it's best to do what?
- File when you're ready, even if it's April 16.
- Hurry up and get it done no matter what it takes.
- File an extension.
When you mail in your tax return on paper, when can you expect your refund?
- four to eight weeks
- one to two weeks
- three to six months
When you e-file your tax return via computer, when can you expect your refund?
- one hour
- three weeks
- 10 days
Which of these can you legally do to get a bigger refund?
- claim other peoples' children on your tax return
- set up a fake home business in order to get a bigger refund
- neither of the above
If instead of receiving a refund, you've underpaid your taxes, what should you do?
- just pay what you owe
- worry -- you may be subject to penalties
- hope the IRS won't notice
If you end up with a large refund, what might you consider doing?
- go on a spending spree
- give it back to the IRS
- head straight to the racetrack
What might a really big refund mean?
- You're a smart saver.
- You're having too much money withheld on your W-4 IRS form.
- The IRS made a mistake.