Infographic: How Americans Spend Their Tax Refund

Tax day is closing in fast. If you haven’t filed your tax return yet, well, what are you waiting for?! April 15th will be here before you know it. So decide if you’re going to be doing your taxes yourself, or if you’re better off hiring a tax pro. I filed my taxes weeks ago and am getting a refund from both the federal government and New York state for what seems like the first time (thank you mortgage interest deduction!).

The average American received a tax refund of just over $2700 in 2012. Being the responsible finance blogger that I am, I gave you five dumb ways to go out and spend your refund check. Thankfully not everyone is irresponsible with their refunds. My friends at Green Dot have once again put together an awesome infographic that breaks down some interesting stats about who gets a refund, tax changes happening in 2013 and most importantly, the best ways to spend your tax refund!

 

spend tax refund, infographic, green dot, income tax stats

 

Have you filed your tax return yet?  If you received a refund, what did you do with the money? 

Thanks for reading! If you enjoyed this post be sure to subscribe by email or RSS to keep up with all the latest posts! 

Tagged , , . Bookmark the permalink.

10 Responses to Infographic: How Americans Spend Their Tax Refund

  1. These are some interesting stats. We ended up owing this year for federal but got some back from state to offset it a little. I was not aware of some of the upcoming changes to real estate. We do not fall in that salary range so I guess it doesn’t matter for now.

  2. My tax refund is going straight to my investment account.

  3. Interesting stats. I would throw that big of a refund right at my debt…if we had any. We got a whopping $160 combined and it’ll likely just go into savings.

  4. krantcents says:

    My refund is going into my savings account.

  5. Our refund went towards getting a washer & dryer since this new place didn’t come with them. The rest of the refund was going to buy a new computer, but instead it went to paying off a small debt that the creditor decided not to accept the payment plan any longer.

  6. “The average American received a tax refund of just over $2700 in 2012.”. That’s amazing to me in hte UK. This means that the government regularly overestimates what is owed – ot takes money up front knowing full well that it is taking too much. Do they pay interest on this?

    Suddenly I can understand the Tea Party!!!

    This year my UK tax was out by all of £0.20p because the system is self-correcting through the year.

    • The gov’t doesn’t pay interest, lets not get crazy ;)

      Most people get such big refunds because they can deduct mortgage interest, get tax credits for children etc… yet they don’t adjust the amount of tax their employers are taking out of their paycheck.

      The larger problem is that most Americans think a tax refund is some sort of gift from the government, not them getting back money they should have had all year!

  7. I like the idea of saving, or applying it to debt. No splurging at all!

  8. Martin says:

    The infographic is great! And easy to read as well than a dry text. I rally liked this. Did you create it or borrowed from somewhere?

    I already filled our tax returns and now waiting for the refund. When we receive it it will go towards debt payment and savings.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>