Special Report

States With the Largest Average Tax Refund

Methodology:

To determine the average tax refund in every state, 24/7 Wall St. reviewed data on tax refunds from the Internal Revenue Service. States were ranked based on the average tax refund amount issued in the 2019 fiscal year. The state average tax refund figure includes refunds for filings not just by individuals but all filing documents, including corporate taxes, estate taxes, and more. Data on total collections and total number of tax returns filed also came from the IRS.

Supplemental data on median household income and population used to adjust total IRS collections to a per capita figure came from the U.S. Census Bureau’s 2019 American Community Survey.

Sponsored: Tips for Investing

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.