Tax woes: Nearly a third of Americans who received a refund last year will have to pay IRS for 2018

Mail Online | 4/2/2019 | Valerie Bauman Social Affairs Reporter For
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Nearly a third of Americans who will owe the IRS money this year received a tax refund last year – illustrating how much has changed under the Trump administration's new tax policy, according to a new survey.

Nearly one-in-five (18 percent) of those who have prepared or filed taxes owe additional money to the government, according to the survey of 2,031 U.S. adults by NerdWallet, a personal finance site.

Experts - Amounts - Americans - Year - Money

Experts estimate that amounts to 7.9 million Americans who will have to pay this year after getting money back for 2017.

'Many people think of their tax refund as a sort of year-end bonus,' NerdWallet tax specialist Andrea Coombes said. 'Finding out you actually owe money can be an upsetting surprise.'

Amounts - Average - IRS

And they aren't paying small amounts: the average owed to the IRS is $2,119.

However, those getting refunds may be seeing more money than anticipated, with the average refund amounting to $2,697 – significantly higher than the average of $1,861 that Americans said they expected to get back, according to a separate NerdWallet poll conducted in December.

Percent - Americans - Refund - Percent

Still, 35 percent of Americans who have already filed said their federal refund is less than 2017's, while 32 percent...
(Excerpt) Read more at: Mail Online
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