Average Federal Tax Refund: $2,803

0 Shares

MCLEAN, Va. (UPI) — The average federal tax refund this year will be $2,803 and 35 percent of U.S. adults say they plan to spend all or part of theirs, a survey indicates.

For the third year in a row, Capital One Bank’s annual Taxes and Savings Survey found that most Americans — 85 percent — expect to get a refund.

The survey of 1,006 U.S. adults, conducted by Braun Research of Princeton N.J., also found 22 percent said they would use their refund to pay down debt, 16 percent said they would save it and 4 percent said they would invest the money.

Of those who plan to spend all or part of their refund this year:

— 30 percent will use it on everyday expenses and necessities.

— 23 percent will go on a vacation.

— 16 percent will buy clothing and accessories.

— 15 percent will spend it on an iPad, TV, smartphone or other electronics.

— 16 percent will purchase other major purchases.

The survey was conducted Feb. 5-10 and has a margin of error 3.1 percentage points.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

Join the Discussion

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.