Nearly 30 Percent of U.S. Adults Still Likely to Mail in Checks to Pay Taxes
When it comes to receiving tax refunds, more Millennials opted for a check in the mail compared to Generation X and Baby Boomers
“Despite the continued evolution of payment technology, nearly a third
of Americans opted to write out a check and physically mail it, which
takes more effort than an electronic funds withdrawal, debit or credit
card payments,” said
Other key findings and trends include:
Paying Taxes/Receiving Refunds
-
When it comes to paying taxes, 23 percent of U.S. adults chose
electronic funds withdrawal, with 12 percent paying by debit card, and
11 percent opting for credit card payment
- Of those who mailed in a check (29%) to pay taxes, Millennials (12%) were much less likely to do so than Generation X (28%) and Baby Boomers (43%)
- For tax refunds, a whopping 71 percent of taxpayers would choose Direct Deposit followed by 19 percent who opted to receive a check in the mail
Tax Scams
-
While most taxpayers who use a tax preparer (54%) check that they
include their preparer tax identification number (PTIN) and sign their
return, nearly half (46%) don’t do so, putting them at risk of getting
scammed
- More Millennials (56%) than Generation X (48%) and Baby Boomers (32%) fail to check their tax preparer’s credentials
- The survey showed 38 percent of U.S. adults have experienced tax scams. Of the various scams, phone scams (27%) and email scams (17%) were the most common
Filing Taxes
-
According to the survey, 40 percent of Americans are most likely to
file their taxes electronically through software or websites (e.g.
TurboTax, TaxSlayer), followed by those who file through a
professional (30%) and by mail/paper (10%)
- Generation X (51%) were more likely to file electronically through websites/software than Millennials (39%) and Baby Boomers (36%)
“More Millennials chose to receive tax refunds by check compared to the older generations, which is contrary to the general perception that this generation thrives on instant gratification,” Sajeski continued.
ACI recommends the following top tips for taxpayers this season
-- Be sure to check your tax preparer’s credentials. A legal tax preparer should have a PTIN and must sign your return.
- Electronic payments are safer. Consumers who pay their taxes by check are required to write their social security number on the back of the check, which could put them at risk since checks can easily be stolen.
- Don’t delay if paying by cash. For those who wish to pay by cash, don’t delay as it generally takes 5-7 business days to process cash payments. Visit sites like OfficialPayments.com and follow the instructions to make a cash payment with PayNearMe.
- Make the switch to digital. Try paying with a credit or debit
card this year. It’s faster, and you may be able to deduct any
processing fee on next year’s return, per the
IRS (claimed on Schedule A, Itemized Deductions).
Methodology
All figures, unless otherwise stated, are from
About
©
ACI,
Product roadmaps are for informational purposes only and may not be incorporated into a contract or agreement. The development release and timing of future product releases remains at ACI’s sole discretion. ACI is providing the following information in accordance with ACI's standard product communication policies. Any resulting features, functionality, and enhancements or timing of release of such features, functionality, and enhancements are at the sole discretion of ACI and may be modified without notice. All product roadmap or other similar information does not represent a commitment to deliver any material, code, or functionality, and should not be relied upon in making a purchasing decision.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190401005263/en/
Source:
Media Contacts:
Dan Ring
E-mail: dan.ring@aciworldwide.com
Phone:
781-370-3600
or
Nidhi Alberti
E-mail: nidhi.alberti@aciworldwide.com
Phone:
781-370-3600
