Virginians might be getting big tax refunds this year
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Many Virginia taxpayers are likely getting a fat federal tax refund this year.
Why it matters: Tax filing season ends Tuesday, so it's something to look forward to.
By the numbers: Nearly 70% of Virginians who filed tax returns in tax year 2022, the latest data available, received a refund, per IRS data.
- And the average federal tax refund in the state was $3,217 — the 19th highest in the country.
- It's slightly lower than the U.S. average of nearly $3,300 and well below Florida, which has the highest average nationwide at about $3,900.
- But it's better than what people in Maine got that year: around $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 among 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.
Yes, but: While many people await their tax refunds as a kind of bonus, it's really just money you 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.
Sabrina's thought bubble: I'm choosing to ignore that advice, and taking my incoming check as a sign to ball out and finally eat at L'Opossum.
What's next: Virginians can expect another check by Oct. 15 in the form of tax rebates, Sen. Louise Lucas told Axios.
- The budget for this fiscal year includes $200 for individuals and $400 for joint filers, which Gov. Youngkin has long supported.
Go deeper: What to know about filing taxes, refunds for tax season 2025