How much Californians can expect to get in federal tax refunds
Add Axios as your preferred source to
see more of our stories on Google.
Thousands of dollars in federal tax refunds are on the way for many Californians.
Why it matters: Tax filing season ends Tuesday .
- Most California taxpayers stand to get a refund after navigating the process.
By the numbers: About 63% of Californians who filed their federal 2022 taxes got a refund.
The big picture: The federal government disbursed $38.8 billion in refunds to Californians for tax year 2022.
- That averages out to about $3,344 per refund.
- That's slightly above the U.S. average of nearly $3,300 but well below Florida, which has the highest average nationwide at about $3,900.
Yes, but: It's better than what people got in Maine that year: about $2,700.
Between the lines: That's among filings for those owed a refund and who chose not to apply that refund to 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.
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.