In last week’s issue, Weekly Industry News looked at which states had the most individuals owing the Internal Revenue Service (IRS) money in their 2022 income tax returns.
This week we are looking at the states with individuals getting the highest refunds once the IRS starts processing income tax returns.
The news organization, Slacker, took long look at taxes and IRS records. In 2020, the percentage of Americans getting a return was 74%. Slacker found the average return to be $3,085.
And — as Weekly Industry News reported last week — that average of $3,085 is actually an interest free loan that individuals give to the government. A huge percentage of Certified Public Accountants (CPA) and others who delve in the income tax return industry, will tell you that you ought to balance the amount taken out of your paycheck to come as close as possible to zero by year’s end.
Here is Slacker’s list of the top-10 states in terms of refund amounts. The PIA Western Alliance states of Washington and Alaska are in the top-10. Washington is fourth and Alaska is seventh.
1. Texas
Average refund: $3,488
Percent of returns that get a refund: 77.8%
2. Louisiana
Average refund: $3.330
Percent of returns that get a refund: 79.3%
3. Illinois
Average refund: $3,293
Percent of returns that get a refund: 76.2%
4. Washington
Average refund: $3,290
Percent of returns that get a refund: 72.5%
5. Wyoming
Average refund: $3,290
Percent of returns that get a refund: 74.9%
6. Florida
Average refund: $3,278
Percent of returns that get a refund: 74.5%
7. Alaska
Average refund: $3,246
Percent of returns that get a refund: 74.2%
8. Connecticut
Average refund: $3,202
Percent of returns that get a refund: 73.0%
9. Mississippi
Average refund: $3,194
Percent of returns that get a refund: 79.5%
10. Georgia
Average refund: $3,182
Percent of returns that get a refund: 74.7%
In the bottom-10 — or those states getting the least money in returns — are the PIA Western Alliance States of Oregon, Montana and Idaho. The bottom-10 goes from 51 to 42.
Oregonians get the second least amount of money at number 50. Montana sits at 47th, Idaho is 42nd.
51. Maine
Average refund: $2,607
Percent of returns that get a refund: 75.1%
50. Oregon
Average refund: $2,684
Percent of returns that get a refund: 70.9%
49. Wisconsin
Average refund: $2,698
Percent of returns that get a refund: 75.0%
48. Vermont
Average refund: $2,711
Percent of returns that get a refund: 74.7%
47. Montana
Average refund: $2,719
Percent of returns that get a refund: 70.5%
46. Minnesota
Average refund: $2,738
Percent of returns that get a refund: 71.7%
45. Ohio
Average refund: $2,789
Percent of returns that get a refund: 77.6%
44. Iowa
Average refund: $2,838
Percent of returns that get a refund: 75.4%
43. Nebraska
Average refund: $2,840
Percent of returns that get a refund: 74.6%
42. Idaho
Average refund: $2,854
Percent of returns that get a refund: 72.2%
Here are the figures and ranking of the other PIA Western Alliance states. Nevada barely misses the top-10 states having the highest returns. California sits in the top-20. Arizona and Nevada are in the middle of the pack.
11. Nevada
Average refund: $3,166
Percent of returns that get a refund: 75.8%
20. California
Average refund: $3,084
Percent of returns that get a refund: 67.9%
25. Arizona
Average refund: $3,016
Percent of returns that get a refund: 72.7%
28. New Mexico
Average refund: $2,960
Percent of returns that get a refund: 75.8%
Source link: MSN — https://bit.ly/3LtlPpw
