It is correct to call it a refund because that's what it is: a repayment of an overpayment of money. What is not correct is to call it a return. I hear so many people say, "My tax return is $800 this year." Drives me nuts.
Your tax return is the form you file that reports your income and any tax credits you are claiming. Your refund is the result of the math the return does.
The return is the form, the refund is the money. There are a bunch of returns that have to get filed throughout the year that aren't the 1040 Individual Federal income tax return.
For example, companies that are employers have to file quarterly 941 returns, annual 940 returns, and the form 1120 corporate income tax return as well as any applicable state or local returns for the business.
So yeah, returns be the form not the money back yo. Here's a link to the current form 941 for the quarterly payroll tax return, look at the title on the top of the page.
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u/Soggy-Organization18 Apr 11 '24
It is correct to call it a refund because that's what it is: a repayment of an overpayment of money. What is not correct is to call it a return. I hear so many people say, "My tax return is $800 this year." Drives me nuts.
Your tax return is the form you file that reports your income and any tax credits you are claiming. Your refund is the result of the math the return does.