Highest tax refunds in these states
The average tax refund so far this year is $3,125
'Everyday Millionaires' author Chris Hogan says saving and investing your money will help those with refund confusion as tax season is underway.
Many Americans are anticipating a tax refund this season – and historical patterns indicate some residents may be more likely to receive a bigger check.
The Trump administration has said that tax season is off to a strong start, despite the fact that the IRS has issued fewer refunds when compared with last year.
While the average tax refund amount is only slightly lower than 2019 – $3,125 vs. $3,143 – the tax agency has doled out nearly more than 1.1 million fewer refunds, about 3 percent less than last year, despite the fact that about the same number of returns had been received.
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But, recent data shows that there are some common patterns among people who receive higher refunds. For example, Americans with higher incomes tended to receive larger refunds.
And there are some states, too, where residents tend to get higher checks.
Here’s a look at what they are, according to 2018 IRS data analyzed by The Ascent – a branch of The Motley Fool:
Downtown Houston Texas shot near dusk from an altitude of about 1200 feet over the city.
Texas: $3,202.61
In Texas, the median household income, according to the U.S. Census Bureau was $59,570 from 2014 through 2018.
New York City Skyline with Manhattan Financial District, World Trade Center, Battery Park, Staten Island Ferry Terminal and Water of New York Harbor, NY, USA. This image was taken with Canon EF 24-105mm F/4L IS lens and Canon EOS 6D full frame DSLR.
New York: $3,098.92
The second-highest average refunds were doled out to New Yorkers, where the median income was $65,323.
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Stamford is a city in Fairfield County, Connecticut with a population of 125,109, making it the third largest city in the state. Stamford has one of the largest concentrations of corporations in the nation. (iStock)
Connecticut: $3,090.85
Just behind New York in terms of average refund amounts was Connecticut, where residents have a median income of about $76,106 – according to Census Bureau data.
Shreveport, Louisiana, USA skyline over the Red River at dusk.
Louisiana: $3,059.94
The fourth largest refunds were found among residents in Louisiana, where the median household income is $47,942.
Newark cityscape refection along the banks of the Passaic River. Newark is the largest city in New Jersey. Newark is one of largest rail and air hubs in the nation. Newark is known for its glamorous performing arts venues, premium outlet mall, museum …
New Jersey: $3,051.62
Residents in another high-tax state – like New York and Connecticut – also topped the list of the highest average tax refunds. In New Jersey the median household income is $79,363.
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