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The Hows of Taxes

Module 12: Refund, Amount Due, and Record Keeping

 

A person writing a check.
Taxpayers receive refunds when their total tax payments are greater than the total tax. Taxpayers receive refunds from the government as checks or as direct deposits to the taxpayers' accounts at financial institutions. Taxpayers must pay an amount due to the government when the total tax is greater than their total tax payments. Payments can be made by check, money order, credit card, or direct debit (for electronic filers only). Taxpayers need to keep good records to support all items on the tax return.

materials:

Tax Tutorial
Tax Tutorial: Refund, Amount Due, and Record KeepingCheck your understanding of how to handle refunds and payments as well as record keeping requirements.
Fact Sheet
Fact Sheet: Refund, Amount Due, and Record KeepingDiscover the different ways that refunds and payments can be handled. Learn about record keeping requirements.
Simulation
Simulation 12: Completing a Tax Return Using Form 1040A to Claim a DependentHelp Jacob Hastings, a married man with two children, complete his tax return.
Assessment
Assessment: Refund, Amount Due, and Record KeepingReview your understanding of refunds, amounts due, and record keeping.
skill check:
Check your understanding of refunds, amount due, and record keeping. Indicate whether each of the statements below is true or false by clicking on the correct answer. To assess your answers, click the Check My Answers button at the bottom of the page.
  1. A taxpayer receives a refund when the total tax is greater than the total tax payments.
  • A.
  • B.
  1. Taxpayers must pay the amount due using a check or money order.
  • A.
  • B.
  1. Taxpayers can choose how to receive their refunds.
  • A.
  • B.
  1. Taxpayers need to keep good records to support all items reported on their tax returns.
  • A.
  • B.


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