Among filers receiving a refund. Data: IRS; Map: Alex Fitzpatrick/Axios.
Louisiana taxpayers get some of the biggest federal tax refunds in the country, per IRS data.
Why it matters: Tax filing season ends Tuesday.
By the numbers: Louisiana's average federal tax refund was $3,600 for tax year 2022, the latest data available.
It's more than the national average of about $3,300 and the 5th highest state average.
Florida was the highest at about $3,900 and Maine was the smallest at $2,700.
How it works: That's among filers who were owed a refund on their federal taxes and 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.
In Louisiana, about 1.97 million tax returns were filed that year and 1.44 million got refunds, totaling about $5.15 billion.
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.