Intuit TurboTax Releases TurboTax Tax Trends Report
25 Janeiro 2023 - 10:00AM
Business Wire
Report reveals Millennials and Gen Z continue
to lead the charge in job-hopping, while cryptocurrency
transactions were highest among mid-20 and 30-somethings
TurboTax, from Intuit (NASDAQ: INTU), the global financial
technology platform that makes TurboTax, Credit Karma, QuickBooks
and Mailchimp, releases the TurboTax Tax Trends Report, providing a
retrospective look at how finances are evolving in America from
2020 through 2021 tax filing years.
The TurboTax Tax Trends Report analyzes data spanning major
financial areas including income and inflation, employment, and
cryptocurrency. Notably, the report uncovered that Gen Z and
Millennials changed employers at a higher rate in 2021 compared to
other generations. Meanwhile, 4.5% of Gen Z and millennials in the
25 to 34 age group of single filers included cryptocurrency sales
transactions in their returns, compared to 2.9% overall.
“The tax return is a window into consumer life and it provides
insights into generational shifts, the macro-economic world, and
premonition on upcoming trends,” said Varun Krishna, EVP &
General Manager, Consumer Group at Intuit. “In the US, we are
seeing Gen Z and Millennials rewriting the script on consumer
finance. They are actively job-hopping and are investing more than
other generations in areas like crypto. This report shines a light
on the emerging consumer finances trends that we as an industry
need to solve."
KEY FINDINGS:
Income Growth
The median Adjusted Gross Income for U.S.
tax returns was $46,000, a 10.2% increase in 2021 compared to 2020.
The gains are highly dependent on filing status and life stage, and
are dampened when considering inflation. When adjusting for
inflation, the median income saw a 5.3% increase
year-over-year.
Employment
Millennials and Gen Z are leading when it
comes to changing employment. Employer relationships become more
stable with age. 73% of employed, single tax filers between the
ages of 18 and 24 had at least one change of employer in 2021,
compared to 33.2% of those between 45 and 54.
Cryptocurrency
2.9% of returns overall included
cryptocurrency transactions for 2021. Inclusion varied by age
group. At its highest for single filers, 4.5% in the 25 to 34 age
group included cryptocurrency sales transactions in their returns
for 2021. 16% of Americans say they have invested in, traded or
used cryptocurrency, according to a Pew Research Center survey.
Tax Season 2023 Insights
In addition to key data insights, the
report also provides important tax education and advice related to
the findings in the study, which can help taxpayers plan for the
future and save money on their 2023 taxes.
The TurboTax Tax Trends Report analyzes aggregate and anonymized
Federal income tax return data from more than 16 million Intuit
TurboTax users, in compliance with U.S. tax regulation
requirements. To further ensure customer privacy, results are only
shown when there are at least 1,000 customers included in any level
of aggregation. The report offers a robust, and data-driven view
into the state of personal and household economics in the United
States.
Visit TurboTax Tax Trends Report for a comprehensive look back
at the most recent tax year 2021, and our methodology for
compilation.
TurboTax Innovation and Resources
Whether taxpayers experienced shifts in employment, added a side
gig, or invested in cryptocurrency, TurboTax has tools, resources
and tax experts available to help people navigate the implications
these changes have on their tax situation.
Accelerating product innovation to address these shifts,
TurboTax provides enhanced guidance and resources for investor and
cryptocurrency filers, with a focus on more easily understanding,
navigating and reporting any gains or losses. TurboTax will help
customers get an analysis of their portfolios to highlight any
investment losses to make sure any losses are being offset against
gains to lower taxes owed. Investors can also get a snapshot of
their investments all in one place whether they invest utilizing a
combination of investment apps and more traditional financial
institutions. And a free intelligent optimization outcome tracker
will track their portfolio year round.
With the rise in Gen Z and Millennials that have changed
employers, TurboTax will help filers adjust their paycheck
withholdings using a Form W-4, to align with whether they want a
bigger tax refund or more money in their paychecks. TurboTax has
also added additional guidance and resources for those earning
income outside of a W-2, including those in the creator economy,
with side gigs and small businesses.
ABOUT INTUIT
Intuit is the global financial technology platform that powers
prosperity for the people and communities we serve. With more than
100 million customers worldwide using TurboTax, Credit Karma,
QuickBooks, and Mailchimp, we believe that everyone should have the
opportunity to prosper. We never stop working to find new,
innovative ways to make that possible. Please visit us for the
latest information about Intuit, our products and services, and
find us on social.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230125005245/en/
Lisa Greene-Lewis Lisa_Greene-Lewis@intuit.com
Intuit (NASDAQ:INTU)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Intuit (NASDAQ:INTU)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024