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Financial Planning / Tax Strategies
|Subject: Refund question||Date: 8/11/2010 4:27 PM|
|Author: KluverBucy||Number: 110871 of 124979|
Thought this board would be the best place to ask.
I may very well be receiving a refund from the IRS for FICA taxes paid 1996-2002.
On the consent form (to allow my former employer to file for the refund) is the following statement:
"I understand that the amounts listed above are not the precise amount of the potential refund. The precise amount will not be known until the IRS has approved the refund claims and added the interest due, if any."
I am curious - does the IRS pay you interest on your money that they having been holding onto for almost 15 years? If so, what is the interest rate they pay? Is it the same each year or might it fluctuate with say the treasury notes?
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