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Home/Financial Foundation/HIGH-YIELD SAVINGS RATE · CRYPTO IRS RULING

Tax refunds are now a lifeline for 41% of Americans

WL

Wilder Langdon

high-yield savings rate · Apr 15, 2026

Tax refunds are now a lifeline for 41% of Americans

Source: DojiDoji Data Terminal

Forty-one percent of Americans plan to use their tax refunds to pay for necessities such as rent, groceries, and bills. This is a trend that has grown since last year, according to a TurboTax survey.

Related Brief16h ago
retirement planning

Large RMDs at 73 Can Push Retirees Into Higher Tax Brackets — and Raise Medicare Premiums

Large RMDs can push retirees into higher marginal tax brackets — and raise Medicare premiums. That’s the financial pivot at age 73, when the IRS requires withdrawals from most tax-deferred retirement accounts. These required minimum distributions count as ordinary taxable income, even if spending habits haven’t changed. More income means taxes go up — not just on returns, but on Social Security benefits too. Higher adjusted gross income can trigger taxation of up to 85% of those benefits. It also activates IRMAA, the mechanism that scales Medicare Part B and Part D premiums with income. A single large withdrawal could lock in higher monthly costs for up to two years. Yet many retirees take the full distribution at once, unaware of the cascade. Spreading withdrawals, executing partial Roth conversions in low-income years, and coordinating taxable and tax-deferred account draws can smooth income. The goal isn’t to avoid taxes — it’s to avoid paying more than necessary, unnecessarily.

Nearly 7 in 10 Americans expect a refund this year, with 69% reporting they anticipate receiving one. The survey data shows that 44% of the plan to put at least some of their funds into savings, while 35% will use the money to pay down debt.

Related Brief2d ago
tax law

The 2025 Act provides a $6,000 deduction for seniors that does not eliminate Social Security taxes

A single adult with $40,000 in Social Security income and $40,000 from a 401(k) or IRA would owe $5,685 in taxes instead of $7,190. This senior would realize a tax reduction of over $1,500. The 2025 Act introduces a temporary $6,000 deduction for people 65 and older. This deduction is in addition to the existing additional standard deduction for seniors under existing law. The $6,000 deduction alone accounts for approximately $900 of that reduction.

Despite these plans, 52% of those expecting a refund say they wish they had help figuring out the smartest financial move for that money.

Related Brief16h ago
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Louisiana Tax Refunds Rise 11% Following Working Families Tax Cut

The average tax refund in Louisiana is up 11% from last year. This increase is the result of the Working Families Tax Cut, which permanently increased the standard deduction to $31,500 for families and $15,750 for individuals. The law also raised the Child Tax Credit to $2,200 per child and introduced a deduction for seniors 65 or older of up to $6,000 for those filing individually and $12,000 for those filing jointly. Additionally, the law eliminated taxes on tips and overtime pay for qualifying workers.

high-yield savings ratecrypto IRS ruling

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