Tax-wise, millennials in a bracket by themselves
BUSINESS RECORD STAFF Feb 18, 2016 | 9:19 pm
1 min read time
210 wordsAll Latest News, Government Policy and LawMillennials are more worried about filing income taxes than other age groups, according to a survey conducted by Harris Poll for NerdWallet, Business Journals reported.
The survey found that 80 percent of millennials are anxious about tax season, compared with 69 percent of adults overall.
That’s not too surprising, since millennials have less experience with paying taxes. But here’s a finding you probably wouldn’t expect: Millennials are more likely to file paper returns than older Americans. The survey found that 17 percent of Americans age 18-34 mailed in their returns to the Internal Revenue Service versus filing them electronically. Only 8 percent of taxpayers age 35 or older file paper returns.
“Who knew so many millennials would be so old-fashioned?” said Liz Weston, a columnist for NerdWallet, a personal finance website. “But in some ways it makes sense: Millennials tend to have less experience with a deeply confusing tax code, less cash to seek professional help and less need for more complicated returns that having a children or mortgage can bring.”
A mere 17 percent of millennials hire a tax professional to do their returns, compared with 29 percent of all taxpayers. The survey found that 35 percent of taxpayers use commercial tax software programs; 36 percent of millennials do so.
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