Do you when the tax deadline is? According to new research, less than a third of Americans know when taxes are due this year.
A new poll of 2,000 Americans found a measly 27 percent of Americans were able to correctly identify April 15 as the official day taxes are due.
It also revealed that a quarter (24 percent) admitted they had no idea when the last day to file an extension is, while only 15 percent correctly labeled April 15.
That wasn’t all respondents were in the dark about when it comes to filing taxes.
Twenty-nine percent thought a split refund was divided between two spouses while 17 percent assumed it meant the refund would be received in two installments three months apart.
Only 31 percent correctly identified a split refund as dividing a refund among up to three different accounts.
When it came to who can qualify as a dependent, a third (34 percent) assumed that any adult who lives with them can qualify.
Nearly half (49 percent) knew a child under 18 or a child who is a full-time student under 24 (40 percent) would be considered a dependent on tax forms.
The study, commissioned by Self and conducted by OnePoll, found one of the top reasons Americans are filing early this year is because they are flat broke from holiday spending.
Over one in three will be getting that money early just to make up for all the gifts they bought.
Two in five (44 percent) plan to pay off their credit card bills while 36 percent want to make their money grow by investing it. Thirty-six percent plan to turn their refund into rays of sun and will put the dough toward a vacation.
Half (55 percent) of Americans are already excited to get their hands on their refunds.
Of those anxiously awaiting their refunds, a third admitted they’re “very dependent” on their refund coming through.
Going without a refund and paying the IRS just isn’t feasible for many this year. Forty-four percent admitted that owing the IRS money would completely derail their 2020 budget.
“If you’re anticipating a large refund this year, be sure to have a plan in place for how to use that money,” said a spokesperson for Self. “Give every dollar a job, whether it’s toward debt or savings or even a little to enjoy yourself.”
Results revealed three in four respondents named filing taxes as a top stressor.
Filing taxes is such a dreadful experience that respondents would be willing to do pretty outlandish things in order to escape the anxiety of filling out tax forms.
Forty-six percent would be willing to lose an hour of sleep every night for a month if that meant they wouldn’t have to file taxes.
A third (36 percent) said they’d suffer the embarrassment of a terrible haircut or lose their favorite sweater forever (also 36 percent) if they could skip filing in 2020.
Of those waiting until April to file, 52 percent are waiting until they deadline because they know they’ll owe money this year. Forty-one percent admitted they wind down the clock because they tend to procrastinate.
“If you need help filing, look into resources in your local community or online that can help give you guidance to correctly file your taxes on,” added the spokesperson for Self. “Getting it late or getting it wrong could cost you in fees or penalties down the road.”
What respondents would rather do than file taxes
- Lose an hour of sleep a night for a month: 46 percent
- Get a bad haircut: 36 percent
- Lose favorite sweater forever: 36 percent
- Eat a bowl of insects: 30 percent
- Give up chocolate for a year: 28 percent
- Walk to work for a week: 20 percent
Plans for tax refunds
- Credit card bills: 44 percent
- Savings: 41 percent
- Food shopping: 40 percent
- Utilities: 38 percent
- Investment: 36 percent
- Vacation fund: 36 percent
- Pay back holiday shopping: 35 percent
- Rent/mortgage: 31 percent
Top stressors
- Filing taxes: 73 percent
- Check up at the doctor’s: 67 percent
- Holiday shopping: 64 percent
- Teeth cleaning at the dentist: 64 percent
- Family events: 64 percent
- Paying off credit card: 64 percent
- Traveling: 61 percent
- Checking bank statement: 60 percent
- Paying rent/mortgage: 59 percent
- Visit from in-laws: 59 percent
- Parent-teacher conference: 55 percent