Apr 14, 2025 - News
Utahns average more than $3,000 on federal tax refund
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Utahns get around $3,200 in federal tax refunds on average, per the latest IRS data.
Why it matters: Millions of taxpayers nationwide have received or are expecting refunds as tax filing season ends Tuesday.
Zoom out: Utah ranks in the middle of the nation for average refund amounts.
- Florida had the largest average refund, at about $3,900 for tax year 2022, the most recent data available.
- Maine and Wisconsin had the smallest, at $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: Though many people eagerly await their refunds as a kind of bonus, it's really just money you temporarily lent 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.