Americans' average tax refund by income level

Don’t expect a refund from tax cuts: Chris Hogan

‘Everyday Millionaires’ author Chris Hogan says saving and investing your money will help those with refund confusion as tax season is underway.

Taxpayers may not look forward to filing their documents – but many look forward to receiving their refund check.

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About 70 percent of Americans typically expect to receive one, and for nearly half of Americans it is their largest paycheck of the year.

So far this tax season, the average refund – according to the IRS – is $1,952, which is $3 more than the comparable period last year.

According to a new study by The Ascent – a branch of the Motley Fool – the average refund from last year’s tax season was $2,881.

But some Americans got much higher refund checks – which tended to vary based on income level.

MANY AMERICANS DON'T UNDERSTAND TAX REFUNDS, DO YOU?

TAX SEASON 2020: WHEN TO EXPECT YOUR REFUND

Here’s a look at the average 2018 refund, by income level as compiled by the Ascent:

Income level: $1 to $4,999.99 – Average refund: $455.33

Income level: $5,000 to $9,999.99 – Average refund: $1,287.21

Income level: $10,000 to $14,999.99 – Average refund: $2,414.63

Income level: $15,000 to $19,999.99 – Average refund: $2,971.79

Income level: $20,000 to $24,999.99 – Average refund: $2,963.26

Income level: $25,000 to $29,999.99 – Average refund: $2,796.54

Income level: $30,000 to $39,999.99 – Average refund: $2,609.83

Income level: $40,000 to $49,999.99 – Average refund: $2,458.05

Income level: $50,000 to $74,999.99 – Average refund: $2,780.91

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Income level: $75,000 to $99,999.99 – Average refund: $3,357.46

Income level: $100,000 to $199,999.99 – Average refund: $4,434.19

Income level: $200,000 to $499,999.99 – Average refund: $7,999.00

Income level: $500,000 to $999,999.99 – Average refund: $24,902.96

Income level: $1M to $1,499,999.99 – Average refund: $53,302.59

Income level: $1.5M to $1,999,999.99 – Average refund: $71,057.29

Income level: $2M to $4,999,999.99 – Average refund: $126,638.59

Income level: $5M to $9,999,999.99 – Average refund: $267,844.45

Income level: $10M + – Average refund: $981,553.50

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