- The two things that immediately come to mind are either purchasing a home or having children. Of course while these are all personal preferences, you must logically take into account the difference in tax benefits regarding each. With a home you ...
- If you owe any federal tax, state tax, student loans, or child support, your refund may be withheld. However, the IRS will most likely automatically apply your refund to any past due amounts.
If you owe past due: Federal Tax State Income Tax State Unemployment Compensation Debts Child Support Spousal Support Certain Federal Nontax Debts such as student loans All or some of your refund may be used to pay the the past-due amount.