Nearly half (46%) of taxpayers don’t know a refund comes for overpaying taxes to the federal government.
\n That is one finding of a survey of taxpayers by Credit Karma.
\n About 70% of Americans typically expect to receive a refund check each year, and many are unsure about the origins of the money.
\n While 46% knew their tax refund money comes from their paychecks, an equal percentage thought the money was given to them by the government.
\n Forty percent knew that getting a tax refund means they overpaid income taxes.
\n About 11 percent knew it meant they were essentially giving the government an interest-free loan.
\n More than half of respondents (51 percent) did not know they could determine whether they get a refund each year by adjusting their withholding amounts.
\n More than half said they would rather get a tax refund than consistently have more money in their paychecks throughout the year.
\n Only 34% said they would prefer to have proper withholding.
\n According to data from the IRS, the average refund amount as of February 7 was $1,952–up 0.2 % (or $3)–when compared with 2019. The number of refunds issued was down 4.8%, as the tax agency paid 4.6% less cash.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nearly half (46%) of taxpayers don’t know a refund comes for overpaying taxes to the federal government. That is one finding of a survey of taxpayers by Credit Karma. About 70% of Americans typically expect to receive a refund check each year, and many are unsure about the origins of the money. While 46% knew […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32,31],"tags":[],"class_list":["post-1251","post","type-post","status-publish","format-standard","hentry","category-general","category-retirement"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/posts\/1251","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/comments?post=1251"}],"version-history":[{"count":1,"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/posts\/1251\/revisions"}],"predecessor-version":[{"id":1252,"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/posts\/1251\/revisions\/1252"}],"wp:attachment":[{"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/media?parent=1251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/categories?post=1251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/tags?post=1251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}