How much Tennessee taxpayers get in federal refunds
Add Axios as your preferred source to
see more of our stories on Google.
On the day before Tax Day, Tennessee got an extension that will allow residents to file their federal income taxes late. They're now due by Nov. 3.
The silver lining: Most Tennessee taxpayers stand to get a refund after navigating the process.
By the numbers: Nearly 71% of Tennesseans who filed their federal 2022 taxes got a refund, which would have been issued in 2023.
The big picture: The federal government disbursed more than $7.3 billion in refunds to Tennesseans for tax year 2022.
- That works out to an average of $3,192 per refund.
Between the lines: That's among filings for those owed a refund and who chose not to apply that refund to their next year's taxes.
Reality check: 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.
Editor's note: This story has been updated to reflect new guidance from the IRS that gives Tennessee residents extra time to file their federal income taxes.