Market Watch: American adults appear to be confused — very confused — by the U.S. tax code.
More than half of taxpayers don’t understand many basic personal finance questions about federal income tax returns as they relate to retirement, college savings and health care, a result not much changed from previous years, based on a recent survey of more than 2,300 adults given by personal finance site NerdWallet. That is a fail by academic standards.
Indeed, more people are also delaying filing their taxes this year. Earlier this month, tax software service TurboTax issued a profit warning and said that the tax season is “forming more slowly than usual.” It cited Internal Revenue Service data which said total tax return volume through Jan. 27 was down 33% from a year ago.
One theory: They simply don’t know what they’re doing. Some 57% of taxpayers don’t know what a W-4 is, the Nerdwallet survey found, and 59% don’t know that April 18, 2017 is the deadline for making a tax-deductible contribution to a traditional individual retirement account for the 2016 tax year. What’s more, 58% of taxpayers incorrectly believe that getting a tax extension means they can delay the due date of their income tax payment.
6 billion hours spent doing taxes, 72,000 pages of regulations and someone thinks we need to take a frickin test on taxes? I’d like to ring some bureaucrats damn neck!
7 out of 10 and I still feel cheated….
5/10. I guess I shouldn’t have deducted meals as a medical expense. I mean, hey, I don’t eat, I get sick!
…. missed the Caitlin Jenner question …. gave the gubmint more credit then they deserved
Test does NOT reveal a problem. It reveals a symptom. Tax system is too complicated. Time to force legislators to figure out their own taxes on live TV. Can’t fill out their own taxes? They’re FIRED! Would be a hoot watching Maxine Waters and Sheila Jackson Lee trying to add 2 plus 3 on their fingers.
Couldn’t get past the first two questions. I’ve been told I’m not qualified for a Roth IRA so I know nothing about them. W4? I don’t know about those either.
Tells me that fucking fuckers have been fucking me all my life and bescrewing us with mumbo jumbo bullshit that only serves to confuse. Tax code is a matrix of horse shit which causes me to write several big checks to my accountant and the government.
Everybody is on the take.
10 out of 10…I forwarded it to my accountant and HE aced it.
Our tax code sucks!
My numbers deal with core life and vessel wall thickness not dollars or sense
Thank God I dinna need to know this shit. Leaves more room in my brain for remembering how to breathe, etc.
0 out of 10. I have this friend called “skimmer” do my taxes. That’s not his real name but that’s what all my friends who are clients of his call him. I’ve been with him for over 42 years. He’s a great guy. He lives in Alaska most of the year but returns to the Burg area during tax time. A big Reagan/ Trump fan; disgusted with Clinton/ Obama. Anyway this year I get $1304 back from the Feds and $243 from the State. All I ever do is sign what he gives me and mail it in the envelope provided. Who the hell studies 75000 pages
of tax laws? When the check comes I’m going to get Mrs. Moe a new
recliner and a couch. Have a great summer IOTWers.
Right, but seeing Trumps tax returns is going to be oh so meaningful.
Doc. 10 out of 10. Ti salute Damn!
Anon. Does anyone here care about President Trump’s Tax returns?
2 out of 10, but I got a $3400 refund, so I don’t really care.
“If you’re not getting audited every year, you’re paying them too much.”
LOL !
CNN Reporter: Mr. Trump, where are your tax returns?
POTUS: The are in a secure place, where they wont be found.
CNN Reporter: Where is that secure place, the American people have a right to know ? (Not really)
POTUS: They are underneath Obama’s college records, his passport application, his immigration status as a student, his funding sources to pay for college, his college records, his Connecticut
Social Security Card application, and his Selective Service Registration .
Silence.
I got 9/10. I’ve been around the block a few times.
Can you spell H&R Block?
My taxes went down this year, and expected to
go down again next cycle for my tax bracket. I’m
not bitching.
Aced it!
income taxation is slavery.
is that why so many inner city minorities don’t have to work ?
they were freed from slavery during the civil war ?
Tax on Income is an abomination.
Which is why it was forbidden by our Constitution.
We can thank the Demonrats and Woody (Bad Teeth) Wilson for it, and the succeeding Republicrats for its continuance.
Repeal of the 16th and 17th Amendments is the only way to recover our great Republic – which is why it’ll never be done.
izlamo delenda est …