Here’s what most Americans plan to spend their tax refunds

A new study has found that one -third of Americans plan what to talk about their tax refund in half a year.

The new 2,000 US taxpayers survey revealed that 79% believe they will get some reimbursement this year, and many have already planned what to speak.

A majority (52%) said their tax reimbursement is an important part of their budgeting plans, and 77% plan to speak their refunds for the needs.

The chief of the needs were bills such as rent (52%), groceries and essential items (44%) and credit card debt (37%).

Over half (56%) of those who spend their money on credit card debt are specifically targeting their holiday season seasons.

Meanwhile, 8% are planning to spend their reimbursement on luxury. They are spending their refunds on new clothes (37%), entertainment (28%) and new phones (26%).

Ordered by Taxslayer and carried out by Talker Research, the study found that the average person hopes to receive approximately $ 1,700 in the tax reimbursement this year.

One fifth (22%) believe they will end with more money this year than the last, while 26% believe the opposite. Half (51%) expect to get about the same amount.

Last year, 12% said they received a tax refund greater than expected, while 20% remembered to get less than expected.

Many answers waiting to get more this year said it was second to keep more money in their W-2, earning more money in the past year and having a newborn.

Those who expect to get less common causes in common why: loss of their work, due to taxes, children who grow old in greatness and increase tax levels.

“Collectively, people are learning to strategy better where their refunds are going,” said Seth Babb, the head of the Taxslayer Consumer Product. “By planning forward, people are reducing tax -related stress and, in some cases, creating excitement.”

The study also found that while 54% plan to submit their taxes within the deadline, 43% are actually planning to submit early.

Early fillers said they were motivated by receiving their refunds earlier than others (55%), not having to deal with the stress of making it before April 15 (43%), and had presented at the beginning of last year (24%).

While preparing to submit this year, 37% said they plan to use DIY Taxare and 19% are choosing to do it by hand.

“Early submission is a large part of tax -related stress reduction,” Babb continued. “Previous people present, as soon as they can get into their refunds and spend it as planned.”

What are the main needs and luxury that people go through their tax refunds?

Answer were asked to solve all the needs and luxury that their refunds would spend. Here’s what they said:

Need

Bills, such as rent and services – 52%

Foods and essential goods – 44%

Credit card debt – 37%

Savings accounts – 22%

Home repair/improvement – 20%

luxury

New clothes – 37%

Fun – 28%

A new phone – 26%

Purchase of gifts for people near me – 24%

One night in the city – 23%

Survey Methodology:

Talker’s research surveyed 2,000 tax Americans; The survey was ordered by Taxslayer and was administered and carried out online by Talker Research between December. 13 and December. 20, 2024.