Good Question: How Much Tax Refund Money Are We Getting?
MINNEAPOLIS (WCCO) -- Fifty-seven-percent of American taxpayers filed their federal taxes as of March 20.
Just about 80 percent received a refund. The average federal refund amount is $3,038.
That refund rate is expected to drop slightly as we head closer to April 15.
"Typically what we see, taxpayers who are eligible for a refund are usually those who file early," Minnesota Department of Revenue Assistant Commissioner Terri Steenblock said. "As we get further in the season, the taxpayers that are filing may be people who owe versus those who are entitled to a refund."
According to the Internal Revenue Service, 75 percent of people receive a federal refund on average. At the state level, 65 percent of Minnesotans usually receive money back from the state.
Most Minnesotans -- 94 percent -- e-file their taxes, and more than half of those people request direct deposit for their refunds.
The IRS says of those who e-file their federal taxes, 45 percent self-prepare and 55 percent use a professional.
Over the past ten years, the federal annual return has averaged $2,700.
That's up from $1,800 in 2000, $970 in 1990 and $684 in 1980.
