As coronavirus weighs on finances, these Americans can expect the largest tax refunds
Residents of these seven cities have received biggest checks from IRS
CPA and business analyst Dan Geltrude helps navigate filing federal and state taxes amid the coronavirus pandemic.
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The IRS has been sending out refund checks to people filing their returns during an extended tax season – and for some residents, these refund checks could be much larger than their economic impact payments.
More than 111 million households are expected to receive a refund from the IRS this year, according to a report from financial data website MagnifyMoney.
The IRS had processed more than 106.6 million returns as of April 23, including the distribution of 81.3 million refunds. The average refund amount, according to the tax agency, is $2,818.
Economic impact payments are $1,200 for individuals and $2,400 for married couples.
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Here’s a look at where residents have traditionally received the largest tax refunds, according to IRS data analyzed by MagnifyMoney:
Midland, Texas
Average refund: $3,800
Percent of residents receiving refund: 80.25
Houston
Average refund: $3,735
Percent of residents receiving refund: 76.95
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McAllen, Texas
Average refund: $3,604
Percent of residents receiving refund: 86.72
Brownsville, Texas
Average refund: $3,494
Percent of residents receiving refund: 85.99
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Miami
Average refund: $3,457
Percent of residents receiving refund: 73.75
Cape Coral, Florida
Average refund: $3,439
Percent of residents receiving refund: 67.66
Cleveland, Mississippi
Average refund: $3,373
Percent of residents receiving refund: 81.43
On the flip side, residents in some cities were more likely to owe the tax agency when compared with other major metropolitan areas. Those cities included San Francisco; Edwards, Colorado; Bend, Oregon; North Port, Florida, and Denver.