In 2024, 64% of American taxpayers received an average tax refund of $4,381, with significant regional differences. Wyoming residents reported the highest average refund at $6,367, while West Virginia had the lowest at $3,183. A considerable portion of taxpayers plans to utilize their refunds for practical purposes, primarily to pay off debt (34%) or save (32%). Other uses include vacations and large purchases. Financial analysts recommend prioritizing debt repayment and long-term goals over discretionary spending. The data suggests varying trends in taxpayer behavior towards refunds, reflecting broader economic considerations.
Tax refunds this year averaged $4,381, with two-thirds of Americans planning to use them to pay off debt or save.
Wyoming saw the largest average tax refunds at $6,367, while West Virginia had the lowest at $3,183.
LendingTree's Matt Schulz emphasizes that while some can have fun with their refunds, prioritizing high-interest debt and long-term goals is crucial.
A significant 66% of Americans plan to utilize their tax refunds practically, with many aiming to either settle debts or boost savings.
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