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Money Management International's 2007
Tax Survey Results

Tax Time Survey Results
Over withholding:

  • More than half (58%) of Americans expect a tax refund this year and 17% don’t know if they’ll get one. By comparison, 74% of taxpayers actually received a refund in 2006.
  • People may underestimate the amount of their tax refund. Survey respondents expect to receive an average of $1,641; the average refund paid by the IRS in 2006 was $2,264.
  • Somewhat contrary to recent news stories about negative savings rates, nearly one third (32%) plan to save their refund.
  • Nearly half (46%) plan to use their refund to pay obligations like debts or car repairs.
  • One of the primary reasons respondents expect a refund is purposeful over withholding (26%).

Under withholding:

  • An IRS repayment plan will be the method of payment for 21% of surveyed taxpayers who expect to owe.
  • Taxpayers not expecting a refund think they’ll have to pay $1,133 more in taxes.
  • More than one third (34%) of those who expect to owe do not know how they will pay.
  • The majority (60%) of those who expect to owe taxes this year do not plan to make any changes in ’07 to try and “come out even.”

Just for fun:

  • More Gemini, Libra and Scorpios over-withhold on purpose.
  • More Cancers, Scorpios, and Sagittarians don’t know how much to withhold.
  • Libras expect the largest refunds ($2200) and most of them plan to use it to pay debts.

The MMI tax refund survey was conducted in February 2007 by Knowledge-Based Marketing. There were a total of 1,048 respondents. Results were weighted by demographics so they are representative of the US population as a whole.

More tax tidbits:

  • Taxpayers will have extra time to file and pay because April 15 falls on a Sunday in 2007, and the following day, Monday, April 16, is Emancipation Day, a legal holiday in the District of Columbia. This means the entire country has an April 17 deadline. View Source
  • More than 100 million Americans receive a tax refund annually. View Source
  • The IRS returned more than $219 billion in 2003. View Source
  • Most taxpayers file well in advance of the deadline. In fact, less than 15% of taxpayers wait until April. View Source


 
 
 
 
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  Put the 'Fun' in Refund
   
Hi!  I’m Tax Time Trisha

Did you know that Libras expect the largest refunds?

How do I know? Well, I’m a real refund know-it-all! In fact, when it comes to spending and saving, there isn’t much I don’t know.

Don’t believe me? I’ll prove it! Let’s play ‘Save Or Spend?’

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