The average Gen Z American estimates that they only understand about 44% of the tax filing process, according to new research.
A survey of 2,000 Americans 18-26 looked at how they’re feeling about tax season and found that over half (56%) admit they’re intimidated by the process of filing their taxes.
Interestingly, the same percentage of respondents “very much” look forward to filing their taxes (29%) as those who aren’t looking forward to it at all (28%).
Gen Z is even looking to get ahead of the curve — by the time of the survey, nearly a fifth of respondents already filed their taxes for this year (17%).
Those who haven’t filed yet aren’t lagging too far, with 50% aiming to file their taxes by the end of February at the latest.
Thirty-eight percent wish they could use the time they spend doing their taxes to be with loved ones or watch TV (37%) instead.
For some, cleaning their home (31%) or working (26%) even sounds more appealing than the task of filing their taxes.
Still, the deed needs to be done, as 62% acknowledge that it’s better to file taxes early.
Conducted by OnePoll forTurboTax, the survey found that 53% anticipate getting a tax refund in 2024.
The average Gen Z American who is expecting a refund, estimates that they’ll get back $935.80, and more than a quarter (27%) have their hopes up to get back more than $1,500.
When it comes to tax season, Gen Z gets information about filing their taxes from their parents and family members the most (48%), followed by social media (31%) and friends (29%).
However, respondents know they have more to learn. Of those who filed taxes previously, just 22% feel “much more confident” this time around.
Some areas that they need more education in are the process itself, with 30% expressing uncertainty that filing early makes any difference.
And more than two-thirds of respondents were unsure or didn’t know that receiving a tax refund while making under the IRS’ income requirement was possible (68%).
Further, one in four feel uneducated about the different ways they can save on their taxes when filing (26%).
Just 38% of respondents knew that having a child could help save on their taxes and even fewer knew that a new job can have an impact on their taxes (36%).
These changes are especially important to keep top of mind for Gen Z, as many have gone through tax-changing shifts over the past year like getting a new job (34%), investing (21%) or starting a self-employed business (17%).
“There are many ways for Gen Z to save on their taxes. The survey revealed more than two-thirds of respondents were unsure or didn’t know that receiving a tax refund while making under the IRS income requirement was possible. However, the IRS reports over a billion dollars in unclaimed refunds every year,” said Lisa Greene-Lewis, CPA and tax expert at TurboTax. “One of the biggest mistakes I’ve seen is Gen Z not filing at all and leaving money on the table, especially since they’re constantly making life moves that can lead to tax benefits that can help their tax outcome.”
“With the average refund being over $3,000 last year it is important to file as soon as possible so you can get that money back. The IRS will issue most refunds within 21 days or less of acceptance of filers returns if they e-file with direct deposit.”
When it comes to their refund, Gen Z Americans would be most inclined to spend it on necessities like bills (45%) or groceries (31%).
Others would treat themselves a bit, opting for new clothing or shoes (28%) or putting it towards a new vehicle (16%).
On average, those surveyed would be interested in saving about 37% of their refund and investing 23% of it, although 27% shared they wouldn’t invest any of it.
“With credit card debt on the rise among Gen Z, they could use some of their refund to pay down debt,” said Greene-Lewis. Although it may seem early, they could also begin investing in their retirement. That move may help them save on their taxes since you can contribute up to $7,000 to your IRA for 2024 and potentially deduct your contribution on your taxes.
You can also get the little-known credit called the Saver’s Credit which is up to $1,000 for single filers and up to $2,000 married filing jointly for just investing in your retirement. A win-win!”
Survey methodology:
This random double-opt-in survey of 2,000 Gen Z respondents was commissioned by TurboTax between Jan. 30 and Feb. 4, 2024. It was conducted by market research company OnePoll, whose team members are members of theMarket Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).
Stories and infographics by ‘Talker Research’ are available to download & ready to use. Stories and videos by ‘Talker News’ are managed by SWNS. To license content for editorial or commercial use and to see the full scope of SWNS content, please email [email protected] or submit an inquiry via our contact form.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
__hssc
1 hour
HubSpot sets this cookie to keep track of sessions and to determine if HubSpot should increment the session number and timestamps in the __hstc cookie.
__hssrc
session
This cookie is set by Hubspot whenever it changes the session cookie. The __hssrc cookie set to 1 indicates that the user has restarted the browser, and if the cookie does not exist, it is assumed to be a new session.
_GRECAPTCHA
5 months 27 days
Google Recaptcha service sets this cookie to identify bots to protect the website against malicious spam attacks.
cookielawinfo-checkbox-advertisement
1 year
Set by the GDPR Cookie Consent plugin, this cookie records the user consent for the cookies in the "Advertisement" category.
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
CookieLawInfoConsent
1 year
CookieYes sets this cookie to record the default button state of the corresponding category and the status of CCPA. It works only in coordination with the primary cookie.
rc::a
never
This cookie is set by the Google recaptcha service to identify bots to protect the website against malicious spam attacks.
rc::b
session
This cookie is set by the Google recaptcha service to identify bots to protect the website against malicious spam attacks.
rc::c
session
This cookie is set by the Google recaptcha service to identify bots to protect the website against malicious spam attacks.
rc::f
never
This cookie is set by the Google recaptcha service to identify bots to protect the website against malicious spam attacks.
ts
1 year 1 month 1 day
PayPal sets this cookie to enable secure transactions through PayPal.
usprivacy
1 year 1 month
This is a consent cookie set by Dailymotion to store the CCPA consent string (mandatory information about an end-user being or not being a California consumer and exercising or not exercising its statutory right).
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Cookie
Duration
Description
__cf_bm
30 minutes
Cloudflare set the cookie to support Cloudflare Bot Management.
li_gc
5 months 27 days
Linkedin set this cookie for storing visitor's consent regarding using cookies for non-essential purposes.
lidc
1 day
LinkedIn sets the lidc cookie to facilitate data center selection.
UserMatchHistory
1 month
LinkedIn sets this cookie for LinkedIn Ads ID syncing.
v1st
1 year 1 month 1 day
The v1st cookie is set by TripAdvisor to collect details about how visitors use the website, by displaying user reviews, awards and information received on the TripAdvisor community.
yt-player-bandwidth
never
The yt-player-bandwidth cookie is used to store the user's video player preferences and settings, particularly related to bandwidth and streaming quality on YouTube.
yt-player-headers-readable
never
The yt-player-headers-readable cookie is used by YouTube to store user preferences related to video playback and interface, enhancing the user's viewing experience.
yt-remote-cast-available
session
The yt-remote-cast-available cookie is used to store the user's preferences regarding whether casting is available on their YouTube video player.
yt-remote-cast-installed
session
The yt-remote-cast-installed cookie is used to store the user's video player preferences using embedded YouTube video.
yt-remote-fast-check-period
session
The yt-remote-fast-check-period cookie is used by YouTube to store the user's video player preferences for embedded YouTube videos.
yt-remote-session-app
session
The yt-remote-session-app cookie is used by YouTube to store user preferences and information about the interface of the embedded YouTube video player.
yt-remote-session-name
session
The yt-remote-session-name cookie is used by YouTube to store the user's video player preferences using embedded YouTube video.
ytidb::LAST_RESULT_ENTRY_KEY
never
The cookie ytidb::LAST_RESULT_ENTRY_KEY is used by YouTube to store the last search result entry that was clicked by the user. This information is used to improve the user experience by providing more relevant search results in the future.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Cookie
Duration
Description
_gat
1 minute
Google Universal Analytics sets this cookie to restrain request rate and thus limit data collection on high-traffic sites.
_p_hfp_client_id
less than a minute
Elfsight sets this cookie to implement social platforms on the website and enables the social platforms to track the users by assigning them a specific ID.
dmvk
session
The dmvk cookie is set by Dailymotion to record data of visitor behaviour on the website.
SRM_B
1 year 24 days
Used by Microsoft Advertising as a unique ID for visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Cookie
Duration
Description
__hstc
6 months
Hubspot set this main cookie for tracking visitors. It contains the domain, initial timestamp (first visit), last timestamp (last visit), current timestamp (this visit), and session number (increments for each subsequent session).
_clck
1 year
Microsoft Clarity sets this cookie to retain the browser's Clarity User ID and settings exclusive to that website. This guarantees that actions taken during subsequent visits to the same website will be linked to the same user ID.
_clsk
1 day
Microsoft Clarity sets this cookie to store and consolidate a user's pageviews into a single session recording.
_fbp
3 months
Facebook sets this cookie to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising after visiting the website.
_ga
1 year 1 month 4 days
Google Analytics sets this cookie to calculate visitor, session and campaign data and track site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognise unique visitors.
_ga_*
1 year 1 month 4 days
Google Analytics sets this cookie to store and count page views.
_gat_gtag_UA_*
1 minute
Google Analytics sets this cookie to store a unique user ID.
_gcl_au
3 months
Google Tag Manager sets the cookie to experiment advertisement efficiency of websites using their services.
_gid
1 day
Google Analytics sets this cookie to store information on how visitors use a website while also creating an analytics report of the website's performance. Some of the collected data includes the number of visitors, their source, and the pages they visit anonymously.
AnalyticsSyncHistory
1 month
Linkedin set this cookie to store information about the time a sync took place with the lms_analytics cookie.
CLID
1 year
Microsoft Clarity set this cookie to store information about how visitors interact with the website. The cookie helps to provide an analysis report. The data collection includes the number of visitors, where they visit the website, and the pages visited.
CONSENT
2 years
YouTube sets this cookie via embedded YouTube videos and registers anonymous statistical data.
hubspotutk
6 months
HubSpot sets this cookie to keep track of the visitors to the website. This cookie is passed to HubSpot on form submission and used when deduplicating contacts.
ln_or
1 day
Linkedin sets this cookie to registers statistical data on users' behaviour on the website for internal analytics.
MR
7 days
This cookie, set by Bing, is used to collect user information for analytics purposes.
SM
session
Microsoft Clarity cookie set this cookie for synchronizing the MUID across Microsoft domains.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Cookie
Duration
Description
ANONCHK
10 minutes
The ANONCHK cookie, set by Bing, is used to store a user's session ID and verify ads' clicks on the Bing search engine. The cookie helps in reporting and personalization as well.
bcookie
1 year
LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser IDs.
bscookie
1 year
LinkedIn sets this cookie to store performed actions on the website.
fr
3 months
Facebook sets this cookie to show relevant advertisements by tracking user behaviour across the web, on sites with Facebook pixel or Facebook social plugin.
IDE
1 year 24 days 1 minute
Google DoubleClick IDE cookies store information about how the user uses the website to present them with relevant ads according to the user profile.
li_sugr
3 months
LinkedIn sets this cookie to collect user behaviour data to optimise the website and make advertisements on the website more relevant.
muc_ads
1 year 1 month 4 days
Twitter sets this cookie to collect user behaviour and interaction data to optimize the website.
MUID
1 year 24 days
Bing sets this cookie to recognise unique web browsers visiting Microsoft sites. This cookie is used for advertising, site analytics, and other operations.
personalization_id
1 year 1 month 4 days
Twitter sets this cookie to integrate and share features for social media and also store information about how the user uses the website, for tracking and targeting.
test_cookie
15 minutes
doubleclick.net sets this cookie to determine if the user's browser supports cookies.
ttwid
1 year
Tiktok sets this cookie to keep track of user authentication and session information.
VISITOR_INFO1_LIVE
5 months 27 days
YouTube sets this cookie to measure bandwidth, determining whether the user gets the new or old player interface.
VISITOR_PRIVACY_METADATA
6 months
YouTube sets this cookie to store the user's cookie consent state for the current domain.
YSC
session
Youtube sets this cookie to track the views of embedded videos on Youtube pages.
yt-remote-connected-devices
never
YouTube sets this cookie to store the user's video preferences using embedded YouTube videos.
yt-remote-device-id
never
YouTube sets this cookie to store the user's video preferences using embedded YouTube videos.
yt.innertube::nextId
never
YouTube sets this cookie to register a unique ID to store data on what videos from YouTube the user has seen.
yt.innertube::requests
never
YouTube sets this cookie to register a unique ID to store data on what videos from YouTube the user has seen.