Here's a scary thought: The remaining 7% said they had no idea when or if they would file taxes this year. (The phone survey was taken March 29-30, and included 1,000 U.S. adults.) Of the Americans who do plan on filing their taxes (and good luck to those who don't -- you'll need it), the mindset is two-fold:
- Americans are anxious about filing their taxes accurately, and with minimizing their tax obligations.
- Americans are more than ready to grab those tax refunds, but most won't be spending the cash; they'll be saving it or using it to catch up on bills.
- A majority of Americans (51%) owe taxes this year.
- Millennials are worried their check won't cut it: 29% of those age 18-24 are afraid their refund won't be as much as they expect, compared with 4% of those 65 and older.
- Owing taxes (19%), not getting as much money back as expected (18%) and filing incorrectly (17%) are the biggest sources of anxiety among Americans when filing their returns.
- 65% of respondents do not calculate their tax payment into their annual budget.
- In light of the renewed payroll tax, Americans are roughly split on either cutting back (42%) or keeping spending habits the same (44%).
Of the Americans who do plan on spending their tax refund on non-debt issues, most are opting for a vacation, clothing or accessories, or a gadget such as an iPad or smartphone. Saving may be the best idea. "Paying yourself first" with any refund, and building your savings account, is the way to go, Capital One says.