Taxpayers sound off about refunds
Last year, just a few weeks after tax day, the IRS reported that it had issued a whopping 96,673,000 individual taxpayer refunds worth $259.348 billion. The average individual income tax refund was $2,683.
Of the refunds processed in 2009, over 70% of those were by taxpayers who elected to receive their money by direct deposit. Those taxpayers who received their refunds via direct deposit had, on average, a slightly higher refund of $2,948.
The IRS expects another busy refund year. Most significantly, taxpayers who take advantage of refundable credits like the First Time Homebuyer's Credit can expect a refund even though they might have otherwise owed tax. While the conventional wisdom is that a refund indicates a lack of tax planning (remember, it's your money to begin with), Congress passed, renewed, or expanded a number of credits throughout the year that boosted refunds on a one-time basis.
The folks at TurboTax have compiled an interesting snapshot of what taxpayers are saying about their refunds. You can see a synopsis of their findings here:
From questions about refund status to dreams of spending those dollars, taxpayers are sounding off about refunds online. If you've tweeted about your refund, let us know!