Projection: 7.317 Million Florida Filers Will Receive $24.4 Billion in Tax Refunds

Washington Free Beacon | 3/4/2019 | John Haughey - Watchdog.org
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According to a study released Jan. 31 by financial technology company SmartAsset, nearly 7.317 million Florida tax filers will receive a 2018 refund this year from the IRS, totaling an estimated $24.4 billion, for an average federal income tax refund of $3,334 each.

The same SmartAsset projection forecasts 1.79 million state residents will owe the IRS this year for unpaid taxes from last year, paying out more than $1 billion collectively for an average tax bill of $5,796 each.

Calculations - IRS - Data - Tax - Year

The calculations, based on IRS data collected during the 2016 tax year – the last year federal composite profiles are available in state breakdowns – take into account the revised tax codes adopted in the 2017 tax reform bill that lowered withholding rates in wage earners' paychecks, reducing taxes paid upfront and, subsequently, trimming the amounts in tax returns without any changes in tax filers’ metrics.

In 2018, according to SmartAsset projections, nearly 7.212 million Florida filers received a 2017 tax refund from the IRS, totaling an estimated $24.92 billion, for an average federal income tax refund of $3,452 each.

Calculations - SmartAsset - Projects - State - Residents

In the same calculations, SmartAsset projects more than 1.828 million state residents owed the IRS in 2018 for unpaid 2017 taxes, paying out more than $1.523 billion collectively for an average tax bill of $6,303 each.

The difference in the pre-tax reform bill 2017 tax calculations and the 2018 projections – the first year the new tax rates went into effect – indicate 97,170 more Floridians will receive tax returns this year than last year, but will collectively total about $500 million less, an average of $118 less for each return.

Year - SmartAsset - Figures - Florida - Taxpayers

This year, according to SmartAsset’s figures, 34,570 fewer Florida taxpayers will end up having to pay the IRS back taxes than last...
(Excerpt) Read more at: Washington Free Beacon
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