Kiplinger\'s Personal Finance 03.2020

After filing your last tax return, did you make

changes to your W-4 to adjust your withholding?

03/2020 KIPLINGER’S PERSONAL FINANCE 51

CHARITABLE GIVING REFUNDS

The 2017 tax law makes it less likely that taxpayers

will be able to deduct gifts to charity.

Has your charitable giving changed?

The median tax refund for 2018 was $2,154.

What did you do with your refund?

PREPARING

TAX RETURNS

This survey was conducted by Qualtrics between December 3 and 13, 2019.

Do you usually

hire someone to

prepare your tax

return?

If you prepare your own return,

do you use tax software?

Yes

No 28 %

72 %

No

52 %

Ye s

48 %

Which tax software do you use?

H&R Block

Tax Act

Other

Did you receive

a refund after

filing your last

tax return?

No

26 %

Ye s

74 %

Saved it 38 %

Spent a portion; saved the rest 23 %

Created an emergency fund 6 %

Invested it 10 %

Paid credit card bills 25 %

Paid student loans 3 %

Bought gifts for friends or family 3 %

Bought myself a gift 6 %

Splurged on a vacation 7 %

Spent it on everyday items 16 %

No, I’m fine with the way it is. 88 %

Yes, I had more taxes taken out of my paycheck. 8 %

Yes, I had fewer taxes withheld. 4 %

37 % 63 %

Bigger paycheck Refund

Would you rather

get a tax refund

or have less tax

withheld during the

year and receive

bigger paychecks?

No, I give regardless of any tax break.

Yes, I have decreased the amount I donate to charity.

Yes, I combined two or more years of charitable giving into a

single year to qualify for the tax deduction.

I’m over 70 and now give to charity directly from my IRA.

Yes, I opened a donor-advised fund.

Other

66 %

20 %

8 %

3 %

1 %

3 %

75 %

17 %

13 %

4 %

Tu r b oTa x