A Massive Tax Refund For Most In New York State?

The tax season is here and for some that means a stressful time worrying about how much they have to pay. For others, there is hope for a big refund coming back. Here in New York State, there are a variety of benefits that may help get a decent refund. However, most refund will be lower than previous years.

This is that time of the year that many people consider what they will do with the refund that they get. The most popular seem to be fixing up the house, a large purchase for the house, a down payment on a car or spending that refund on a vacation! It may be a good idea to put some of that money in to the debt you already have or save it for a later date.

No matter what you choose to do with that refund, it may not go as far as you had hoped. In fact, most reports indicate that refunds will be down considerably.

The College Investor reports that:

So far in 2024, the average tax refund amount is down to $1,395, versus $1,963 this time last year. That's a 28.9% decline. We expected tax refunds to be smaller this year due to many tax credits expiring, but this is significantly more than expected. Furthermore, the total number of refunds is down 67.3% overall.