Tax News TurboTax Tax Trends Report: Tax Year 2022 Lookback Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLisa Published Dec 5, 2023 - [Updated Jan 5, 2024] 2 min read Our Tax Trends Report takes a look back at tax year 2022 and provides unique, data-driven insights into finance, tax, and economic trends for consumers, analysts, policymakers, and the general public. The report provides education, insights, and calls out proactive moves people can make to improve their finances and tax outcomes for tax year 2023. TurboTax uses anonymized and aggregated data drawn from 15 million TurboTax tax returns in compliance with U.S. tax regulation requirements, sampled to better reflect the general U.S. population of tax filers rather than the TurboTax customer base. View the entire Executive Summary here Data Reveals Lower Refunds, Changes in Finances for Single Parents and Newly Married, and Decrease in Crypto Transactions Key Findings Refunds: A reduction in the percentage of returns with refunds was most pronounced for low income tax filers. For example, 37.5% of single tax filers in the lowest income category received a refund in tax year 2022, down from 59.6% in tax year 2021. Employment & Self-Employment: More people are turning to freelance, contract, or gig work for income. 8.1% of tax filers included either form 1099-K or 1099-NEC in their returns, up from 6.7% the prior year. Income: Single tax filers with a dependent (Head of Household filers), such as single parents, experienced an 8.6% year-over-year increase in median adjusted gross income (AGI) in tax year 2022 (0.5% when adjusting for inflation), compared to 2.7% the prior year (-1.8%). In tax year 2022, 87% of those who moved into the Married Filing Jointly saw an AGI increase of 10% or more. Investing: In tax year 2022, 2.3% of tax filers included crypto transactions in their returns, compared to just under 3% the prior year. View the entire TurboTax Lookback Report here Findings included in this report are drawn from 15 million TurboTax anonymized accounts, sampled to match the IRS tax filer base in the United States. To ensure consistency in year-over-year comparisons, all users included have filed their taxes using TurboTax every Tax Year since 2020. All data has been anonymized and aggregated in compliance with US tax regulation requirements. Read the methodology Previous Post Holiday Employee Gift Giving and Tax Deductions Next Post Business Owners Should Take Advantage of These Travel and Biz… Written by Lisa Greene-Lewis Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. Leave a ReplyCancel reply Browse Related Articles Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains Uncategorized TurboTax is Partnering with Saweetie to Elevate Hoop Dr… Business Small Business Owners: Optimize Your Taxes with a Mid-Y… Small Business The Benefits of Employing Your Children and the Tax Bre… Income and Investments Are Olympics Winnings Taxed?