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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

In This Section:

» About Overview

» Press Release
» Survey Results
  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?’

Launch Game
Add It Up
Have larger plans for your tax refund? Use this simple savings calculator to see how investing your refund can make it grow over time.
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If you have a tax refund strategy, story, or solution, we’d love to hear it.  
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