Tags: survey | taxes | terms | gen z | filing | taxpayers

Poll: Nearly Half of Gen Z Taxpayers Don't Know How to File

By    |   Sunday, 03 March 2024 09:33 PM EST

​Almost half of Gen Z taxpayers do not know how to file taxes, according to a survey by Greenback Expat Tax Services.

However, a significant portion (27%) of Gen Z taxpayers have gone through the process at least once before.

For the poll, Greenback Expat Tax Services surveyed 726 Gen Z Americans to investigate their understanding and feelings about paying taxes.

Other results from the poll include:

  • A third of Gen Zers feel anxious or overwhelmed about the tax process, and more than a quarter feel unprepared for the upcoming tax season.
  • Only 10% of Gen Zers know the exact tax rate applicable to their income level, 42% have a general idea but are unsure of the precise rate, and 49% don't know.
  • Gen Z is most likely to ask friends and family for information about filing taxes.
  • Gen Zers are unfamiliar with basic terms connected to taxes: Nearly 1 in 5 don't know what a "W-2 form" is or what "401(k) contributions" means.
  • 2 in 5 Gen Zers don't know what the tax term "deductible" means, while 1 in 2 are unfamiliar with the tax term "write-off."
  • Nearly 2 in 3 Gen Zers don't know what "child tax credit" means.
  • Other basic terms connected to paying taxes that Gen Z are not familiar with, ranked by percentage for not knowing the meaning: nontaxable income (66%), tax credits (64%), adjusted gross income (63%), tax deductions (56%), filing status (48%), and tax brackets (46%).

Brian Freeman

Brian Freeman, a Newsmax writer based in Israel, has more than three decades writing and editing about culture and politics for newspapers, online and television.

© 2024 Newsmax. All rights reserved.


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​Almost half of Gen Z taxpayers do not know how to file taxes, according to a survey by Greenback Expat Tax Services.
survey, taxes, terms, gen z, filing, taxpayers
243
2024-33-03
Sunday, 03 March 2024 09:33 PM
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