Survey: Income Tax Statistics – CreditDonkey.com Survey Shows Who Pay Taxes, How Much Tax Refund to Expect, and How Some Save and Some Spend

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Most Americans plan to save their tax refund this tax season. While 1 in 8 expects to owe taxes, very few taxpayers will opt to pay taxes with credit card.

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56% plan to save their tax refund.

A new survey reveals 56% plan to save their tax refund this year. The survey, by credit card comparison website CreditDonkey.com, found that men are more likely than women to save their tax refund.

Regardless of gender, half of all savers plan to put their tax refund toward their emergency fund. The other 25% plan to save toward a big purchase, 17% toward a college fund, and 8% toward retirement.

Survey Findings: http://www.creditdonkey.com/tax-refund-savings.html

More Revealing Figures

  •     44% expect to get less than $500 from their tax return. Only 8% expect to receive over $3,000.
  •     Among spenders, 54% plan to use their refund toward paying down debt, 24% plan to make a big purchase, 14% plan to take a vacation, and 8% plan to spend it on home improvement.
  •     Women are more likely than men to spend the refund toward paying down debt (62.3% vs. 49.5%).
  •     Men are more likely than women to make a big purchase (27.2% vs. 16.9%) or spend the refund on a vacation (16% vs. 10.2%).

CreditDonkey.com surveyed 1,109 Americans, age 18 and over between January 15 and January 22, 2013.

CreditDonkey.com provides information on the credit issues, news, and trends facing Americans through proprietary market research and analysis. Visit our newsroom at http://www.creditdonkey.com/news.html to stay informed with credit card news, deals, reviews and tips from CreditDonkey.com

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Charles Tran
CreditDonkey
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