Financial News

Where To Live (and not live) For Your Tax Refund

Where To Live (and not live) For Your Tax Refund

By Ryan Velez

The tax season is here and that tax refund may give you a little bit of a cash infusion that you could really use. However, as CNBC explains, not all places are equal in terms of what you get for your tax refund, and they have compiled the five best and worst cities in the country to get a tax refund in.

The data comes from a new study from personal-finance website Magnify Money, which analyzed the IRS tax data of 100 U.S. metros from 2012 to 2016. 17 percent of taxpayers faced a federal tax bill, at an average of $5,294, and 78 percent got a refund, at an average of $3,052, the data shows. So, who won out? Here are the five winners of the biggest refunds:

Fort Myers, Florida

Average refund amount: $3,799

Percent of filers who got a refund: 70 percent

Miami, Florida

Average refund amount: $3,706

Percent of filers who got a refund: 76 percent

McAllen, Texas

Average refund amount: $3,666

Percent of filers who got a refund: 88 percent

New York, New York

Average refund amount: $3,664

Percent of filers who got a refund: 75 percent

Houston, Texas

Average refund amount: $3,601

Percent of filers who got a refund: 78 percent

 

And those who owed the most?

San Francisco, California

Average amount owed: $7,226

Percent of filers who owed: 25 percent

Denver, Colorado

Average amount owed: $5,607

Percent of filers who owed: 22 percent

San Diego, California

Average amount owed: $5,260

Percent of filers who owed: 22 percent

Boise, Idaho

Average amount owed: $4,694

Percent of filers who owed: 21 percent

Sacramento, California

Average amount owed: $4,243

Percent of filers who owed: 22 percent

As it turns out, “Tax season really hurts out west,” the study notes. “Eight of the top 10 metros where taxpayers owed the IRS were either on the West Coast, Midwest, or Southwest regions.

“California metros took three of the top spots,” it adds, and “San Francisco tops the list among those who owe taxes.” A quarter of “San Francisco taxpayers owes taxes when they file, with an average tax bill of $7,226. That’s about 40 percent greater than the national average.” Granted, this doesn’t account for state tax refunds at filing. In addition, San Francisco residents take home the sixth-largest check as well as an average of $3,466, despite what they owe.

Source

Financial News

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