Kerry Collins

Kerry Collins

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HOW MUCH MONEY AMERICANS EXPECT TO GET FROM THEIR TAX REFUND

It’s tax season and this time of year, millions of people across the country are anxiously checking their bank accounts to see if they received a deposit from the IRS in their bank account. But one in four Americans have no idea whether they’re getting a tax refund this year or not, according to a new survey.

The poll of 2-thousand U.S. adults also finds:

  • Overall, 43% do expect to get a tax refund this year, slightly more than the 40% who did last year.
  • Three in five of them are counting on that extra income and 36% plan to save the money.
  • Those who do anticipate a refund estimate they’ll be getting $2,023.50 back, less than last year’s average of $2,338.40.
  • Two-thirds (67%) of respondents say if they get a refund, they will use it in a more “mature” way than they did in the past.
  • Just over a quarter (28%) of Americans admit they’re feeling stressed ahead of the tax deadline.
  • Some are anxious about uncertainty related to their tax return, including some whole experienced life changes during the last year, like getting married or having a child. Only 38% knew these life events impact their tax return.
  • One in five of those surveyed couldn’t define common tax terms like “adjusted gross income,” “dependent,” or “filing status.”
  • Only about a third (34%) of respondents think the 2024 economy will be better than last year’s and 45% of them say this affects whether they spend or save their tax refund.
  • Nearly a quarter (23%) of smartphone users plan to file their taxes on their phone this year.

Source: Talker

photo: GETTY

Form 1040 With Tax Check and Money

Photo: Michael Burrell / iStock / Getty Images


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