Massachusetts tax refunds: 2.3M issued in 2022

Despite Massachusetts' reputation for high taxes, more than 2.3 million tax refunds are issued in the state.

• The average tax refund in 2022 was $3,327.

Zoom out: The highest was Florida with an average of $3,900. The lowest was Maine with $2,700.

How it works: That's among filings for those owed a refund and who chose not to apply that refund to their next year's taxes.

• Differences between states are tied to residents' income levels, withholding selections and other variables.
• Pandemic-era job losses, stimulus checks and tax breaks also had an impact in the past few years.

The big picture: Nearly 68% of federal tax filings resulted in a refund in tax year 2022.

Between the lines: While many people eagerly await their tax refunds as a kind of bonus, it's really just money you temporarily loaned to the government at 0% interest.

• Some personal finance pros encourage folks to set up their paycheck withholdings to get the smallest possible refund.
• Any difference can be saved or invested elsewhere for better potential returns.