See How People Spend Their Tax Refund Money
We’ve reached the time of year when taxpayers cross their fingers and hope for a nice tax return as they file their taxes. In 2019, more than 111 million Americans received a tax refund from the Internal Revenue Service, with an average amount of $2,869.
Expectations seem to be high for large refund checks in 2020. About 44 percent of taxpayers expect their tax refund will be their biggest paycheck of the year, according to a survey by CreditKarma. The survey also found that 46 percent of taxpayers are expecting their refund will be at least $1,000.
So, how are people spending their tax refund money? According to a 2019 survey by TurboTax, most people said they had a plan, but those plans varied by age and sex of respondents. Here are the results of that survey.
What Are Your Plans?
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Note: This is part of a series featuring Honor Team Members who started as interns. By Macy O’Dell | Honor
By Macy O’Dell | Honor CU So, it’s your first time buying a car, and probably your first time ever