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[deleted] t1_j9dz94y wrote

Reply to comment by Neoliberalism2024 in PSA: New York State tax brackets are not what they seem by PostPostMinimalist

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Astoria321 t1_j9emd67 wrote

Not OP but that's very interesting if cool and I appreciate you sharing this

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Colonel-Cathcart t1_j9evlfn wrote

any source for that? From what I understand you don't get interest paid back to you when you get a tax refund.

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kiklion t1_j9ex4jx wrote

Not sure about NYC but the fed pays you interest in what they owe you, but, AFAIK, only to the extent there is a delay in distributing any refund you are owed.

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Colonel-Cathcart t1_j9g9g80 wrote

Yeah that's a little different though. We're talking about how overwithholding itself is an interest free loan until the refund comes. The interest that would get paid out is only if the refund is issued late, it doesn't catch you up on interest you might have earned if you didn't overwithhold in the first place

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MikeDamone t1_j9fa9zs wrote

I'm not sure where you're getting your information. Your tax refund, from the IRS or the state, is 100% absent any interest. You are absolutely giving them an interest free loan in the form of over withholding.

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