Average tax refunds, mapped
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Average federal tax refunds by state range from about $2,700 to nearly $4,000, per IRS data.
Why it matters: Millions of taxpayers have received or are expecting refunds as tax filing season ends Tuesday.
By the numbers: Florida (about $3,900), Texas ($3,800) and Wyoming ($3,700) had the biggest average tax refunds for tax year 2022, the latest data available.
- Maine ($2,700), Wisconsin ($2,700) and Oregon ($2,800) had the smallest.
How it works: That's among filings for those owed a refund and who chose not to apply that refund to their next year's taxes.
- Differences between states are tied to residents' income levels, withholding selections and other variables.
- Pandemic-era job losses, stimulus checks and tax breaks also had an impact in the past few years.
The big picture: Nearly 68% of federal tax filings resulted in a refund in tax year 2022.
Between the lines: While many people eagerly await their tax refunds as a kind of bonus, it's really just money you temporarily loaned to the government at 0% interest.
- Some personal finance pros encourage folks to set up their paycheck withholdings to get the smallest possible refund.
- Any difference can be saved or invested elsewhere for better potential returns.
