Tax Refunds For MA Residents Among Highest In U.S.: Analysis

MASSACHUSETTS — Bay State residents received the sixth-highest tax refunds in the country, according to a LendingTree analysis. The average refund for Massachusetts taxpayers was $5,092.

The analysis of IRS data found the average American's refund for tax year 2022 — the latest available full-year data — was $4,381. That represents the highest average in the past five years. The previous year was $4,264.

“That creates a real opportunity for people receiving a refund,” Matt Schulz, LendingTree chief consumer finance analyst, said. “That money can be put toward knocking down high-interest debt, building an emergency fund, investing for retirement or other big financial goals. It gives them more financial wiggle room when many Americans desperately need it.”

Most Americans plan to be responsible with their refunds, with 34 percent using it to pay down debt and 32 percent using it for savings.

See related: Here's How MA's Tax Burden Compares To Other States

Wyoming residents received the largest refunds for the fifth year in a row, bringing in $6,367. The lowest refunds were for West Virginia taxpayers, at $3,183.

Here are the top states for tax refunds:

1. Wyoming
2. Florida
3. District of Columbia
4. Connecticut
5. New York
6. Massachusetts
7. Nevada
8. Texas
9. Illinois
10. New Jersey

Check out the full analysis at Lending Tree.