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Level 3
posted Feb 8, 2025 8:19:01 PM

Do I need to report a refund on my tax return that I got from my bank I was eligible for?

The refund was given to me because the bank made updates on the way fees were assessed and I was found eligible for a refund.

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1 Replies
Expert Alumni
Feb 10, 2025 1:40:06 PM

No you do not have to pay taxes on a refund.

  • The money you paid for the original fees has been taxed.
  • Therefore, the refund is a payback of money that you already paid taxes on.