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Andrew Schwartz CPA
Feb 4, 2007 - 5:14PM
Re: FICA Refund

That's great that you got back your FICA from those years. You probably got about $10k back from the government for those 3 years.

When the hospital receives these refunds, it's common for them to keep the money in an interest bearing escrow account until such time that the Statute of Limitations applies, and the IRS can't ask for this money back.

The interest is taxable to you just like interest earned at a bank. It's not US Treasury interest or Municipal bond interest.

Zip Code: 01801

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