38% of US Adults Need Their Tax Refund to Cover Bills or Pay Down Debt

Receiving a tax refund is one highlight most filers can look forward to during tax season. Nearly two-thirds of Americans receive a tax refund each year. With the cost of living rising due to sticky inflation, 38% of adults plan to use their IRS refunds this year to make ends meet, a new CNET survey finds. Many filers are using refunds to pay bills, debt, rent or their mortgage. About one in six taxpayers are also using the money to fund emergency savings. Retail and tech purchases, often common uses for tax refunds, are not popular with filers this year. In fact, only 5% of respondents said they plan to make a big tech purchase (like a new TV, smartphone, laptop or tablet) using their tax refund in 2025. Some filers are even suffering from tax anxiety — or "taxiety" — when it comes to filing their returns this year, with Gen Z (51%) and Millennial adults (48%) most concerned. Top fears include making a mistake on their taxes, exposing their personal information to scammers and owing ... Read full article.