Chances are you’ll receive a tax refund from Uncle Sam this year — 78 percent of taxpayers get one, a recent MagnifyMoney analysis found.
As for the size of your refund, where you lives turns out to be one of the many influential factors. The average refund across the 100 largest metropolitan areas in the U.S. is $3,052. But for folks in Fort Myers, Florida, it’s $3,799.
MagnifyMoney arrived at these figures by examining IRS data for those 100 metro areas. That data came from returns filed in 2012 through 2016.
Based on that, the 10 metro areas where taxpayers get the fattest refund checks are:
- Fort Myers, Florida: Average refund is $3,799
- Miami: $3,706
- McAllen, Texas: $3,666
- New York City: $3,664
- Houston: $3,601
- San Francisco: $3,466
- Corpus Christi, Texas: $3,453
- Dallas: $3,329
- Memphis, Tennessee: $3,254
- Lafayette, Louisiana: $3,253
While this may make San Francisco seem like a great place to live, that may be true only for residents who get refunds. For residents of this California metro who owe taxes to Uncle Sam, the average amount owed is $7,226 — the highest amount of all 100 metro areas.
That amount represents a relatively small portion of San Franciscans’ income, however: 7 percent, which MagnifyMoney found is about the same as the national average.
It’s in the low-income metro of McAllen, Texas, where folks who owe money to the IRS owe the most relative to their income — 16 percent.
Lowering your own tax bill
If you’ve already filed your taxes this year and got or will get a refund, skip on over to “Tax Hacks 2018: How Not to Blow Your Tax Refund.” It will help you make the most of your refund.
If you have yet to file, it’s not too late to ensure you get the largest possible refund. You need not move to Fort Myers to accomplish this. For starters, just check out:
- “4 Tax Credits That Can Put Money in Your Pocket This Year“
- “9 Tax Breaks You Can Still Claim for 2018“
- Money Talks News’ other stories about the 2018 tax season
So, what’s your take on this news? Share your thoughts with us by commenting below or over on our Facebook page.