Tax refunds have become an economic lifeline for many Americans, and according to new reports, half of the millennials are living in relying on refunds.
Recent Credit Karma survey 37% of taxpayers have lived in relying on refunds, and found that the millennials have risen to 50%. Almost half of the respondents who rely on refunds answered that living expenses and prices for necessities were rising.
For many people, the tax payment season does not come immediately. One -third of the investigators answered that they would pay or pay to receive tax refund early. According to the survey, almost half of 47% will be repaid for debt repayment, and the percentage of millennials will rise to 59%.
2025 tax declaration season kick off Monday, January 27, the federal government is Tuesday, April 15.
According to the latest informationIRS dataIn 2024, the average federal tax refund was $ 3,138.
Receiving a large amount of refunds may make you feel good, but it also means that you have paid too much that year, and you will actually give the government a loan.
If you are receiving a large amount of refunds, it is worth checking how much money is deducted from your salary. You can adjust the withholding amount by filling out the new W-4 form with the employer.
In IRS, the federal government Withholding tax calculation machine It helps to know how much you should be deducted from your salary.
Last year, the government was almost 150 million refunds The total is about $ 330 billion.
Some people feel stressed during the tax season
In addition, some people are not so excited at the time of tax payment and take extreme measures to avoid declaration.
According to a Credit Karma survey, nearly one -fifth (18%) of the millennial generation (18%) said they wanted to drive for 20 hours in a row. Almost 15 % of the same number replied that he would make a single vow for a year to avoid tax declaration.
“Even if you are expecting a refund this year or you may be borrowing money, my main hint is to make a plan and estimate the borrowed amount, Credit Karma. Consumer Finance Advocating Courtney Aleb said in a statement:
The credit karma survey was conducted online online from December 20, 2024 to January 4, 2025, with 1,000 adults who are planning to pay tax in the season.
