Tax Refunds Increase Nationwide, but Some States Lag Behind in Highest Returns
Tax Refunds Increase Across the US, But Some States Miss Out on Top Spots
As tax time comes around, people hope they’ll get a good amount of money back from the government, depending on where they live. According to a study by LendingTree, people across the country saw their tax refunds go up by 14% compared to last year. But for folks in places like Mississippi, Florida, and Alabama covered by WKRG News 5, the state with the highest refunds wasn’t one of their own.
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Florida Tops in Tax Refunds across WKRG’s Region- Sunshine State Shines Brightest! (PHOTO: TIME)
Tax Refunds Vary Across US States; COVID-19 Factors Impacting Payouts
In the WKRG News 5 area, Florida had the highest average refund at $5,005, ranking fourth nationwide. Mississippi and Alabama were further down the list, coming in at 20th and 22nd place with refunds of $4,067 and $3,986, respectively. Nationally, Wyoming took the top spot with an average refund of $5,914. This increase in refunds is because of different things like special tax breaks due to COVID-19, more tax credits, and forgiveness of student loans, according to LendingTree’s study. Matt Schulz, who works at LendingTree, mentioned that the pandemic caused many changes, including more people getting bigger refunds. Additionally, a big part of Americans plan on using their tax refunds for their finances this year, showing how important these refunds are for many people.
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