Unless you got an extension — and a lot of us did — the deadline to file taxes for states and the federal government has passed. Those who did file now know if they had to pay or if — fingers-crossed — they picked up one of those really wonderful refunds.
When he saw this story, Weekly Industry News Editor Gary Wolcott had a fun comment about refunds. “I laughed when I saw the word refund. My refund last year was a whopping $2.07,” he said.
As we all know, if you did get a refund, the extra money coming back is money you gave to the government in the form of taxes. So the refund basically ends up as an interest-free loan to that state government or the federal government.
According to information from the news organization, Stacker, a huge percentage of us — 74% — are giving those governments those interest-free loans. According to Stacker just 20% of us end up owing the government money.
Those figures are from the 2020 tax year. Three years can make a big difference — and since the federal government has invested $20 billion new dollars into the IRS — things might be quite a bit different now.
That said, most of those that are self-employed, who changed jobs, or sold stock will likely owe this year. The average amount owed in 2020 was over $6,500. That’s way, way more than the average refund.
Here are the top 10 states where people Stacker says owed the most on tax day. Two of the states in the top-10 are the PIA Western Alliance states of Washington and Nevada. Washington is number three and Nevada is ninth.
1. South Dakota
Average tax payment: $8,724
Percentage of returns with tax due: 19.9%
2. Wyoming
Average tax payment: $8,549
Percentage of returns with tax due: 18.5%
3. Washington
Average tax payment: $8,452
Percentage of returns with tax due: 21.8%
4. Florida
Average tax payment: $8,331
Percentage of returns with tax due: 19.2%
5. Massachusetts
Average tax payment: $8,286
Percentage of returns with tax due: 22.0%
6. North Dakota
Average tax payment: $8,013
Percentage of returns with tax due: 20.6%
7. Washington D.C.
Average tax payment: $7,914
Percentage of returns with tax due: 23.5%
8. Connecticut
Average tax payment: $7,874
Percentage of returns with tax due: 20.7%
9. Nevada
Average tax payment: $7,858
Percentage of returns with tax due: 18.9%
10. New Hampshire
Average tax payment: $7,834
Percentage of returns with tax due: 19.6%
Just one PIA Western Alliance state is in the top-10 states owing the least on their tax returns. That state is New Mexico and it sits at in number 4 and is the 48th state where residents owe the least on tax day.
51. West Virginia
Average tax payment: $4,215
Percentage of returns with tax due: 12.7%
50. Mississippi
Average tax payment: $4,714
Percentage of returns with tax due: 16.3%
49. Hawaii
Average tax payment: $4,929
Percentage of returns with tax due: 22.5%
48. New Mexico
Average tax payment: $4,946
Percentage of returns with tax due: 17.3%
47. Kentucky
Average tax payment: $4,987
Percentage of returns with tax due: 15.6%
46. Iowa
Average tax payment: $5,029
Percentage of returns with tax due: 18.7%
45. Ohio
Average tax payment: $5,051
Percentage of returns with tax due: 17.2%
44. Wisconsin
Average tax payment: $5,251
Percentage of returns with tax due: 18.8%
43. Maryland
Average tax payment: $5,260
Percentage of returns with tax due: 23.2%
42. Arkansas
Average tax payment: $5,312
Percentage of returns with tax due: 17.6%
How the other PIA Western Alliance states stack up in Stacker’s survey:
11. California
Average tax payment: $7,477
Percentage of returns with tax due: 25.8%
13. Idaho
Average tax payment: $7,263
Percentage of returns with tax due: 21.5%
19. Montana
Average tax payment: $6,580
Percentage of returns with tax due: 21.3%
25. Arizona
Average tax payment: $5,971
Percentage of returns with tax due: 21.5%
26. Oregon
Average tax payment: $5,967
Percentage of returns with tax due: 22.5%
38. Alaska
Average tax payment: $5,440
Percentage of returns with tax due: 19.6%
Source link: MSN — https://bit.ly/41m4RPy
