With the IRS open for e-file, we spoke to the experts at TurboTax for the scoop on myth versus fact when it comes to doing your taxes and the best ways to maximize our refunds.
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00:00With tax time upon us, a new survey reveals that too many tax myths are making it seem more daunting to file than it needs to be.
00:08TurboTax did a survey conducted by Talker Research, where we surveyed 4,000 Americans.
00:14And in this survey, we found that all across generations, there are a lot of misconceptions about filing taxes.
00:2320% of Gen Z believed that students don't need to file taxes, and 13% also believed that if you're paid in cash, you don't need to file taxes.
00:34And then we saw even more misconceptions with boomers, with 37% thinking you don't need to file taxes and you won't get a tax refund if you make under the IRS income threshold.
00:46The truth, Green-Lewis says, people earning under the IRS threshold and students are not required to file but should file if they had federal taxes taken out or are eligible for certain refund credits since they may have a refund coming.
01:02What else the survey found?
01:0447% of Americans polled hit the mark in knowing what the earned income tax credit is.
01:11It is a credit that you're given for earning income.
01:14So whether it's income from a W-2 job or being self-employed, it's also what's known as a refundable tax credit.
01:23And so what that means is people still get it even if they don't owe any taxes.
01:29Working tax filers that fit the income requirements should make sure they claim this valuable credit worth up to $7,830 for a family with three kids.
01:39And in this day and age with all the implications for filing, you should enlist help from the experts.
01:46We saw from our survey that 77% of Americans want their refund earlier.
01:52TurboTax is giving customers their biggest refund possible.
01:57Whether you want to do your taxes yourself or have an expert do it for you, we are providing done-for-you tax experiences with unparalleled ease.
02:08And if you did not use TurboTax last tax season and you do your taxes yourself on our TurboTax mobile app,
02:16you can do your federal and state taxes for absolutely free regardless of your tax complexity.
02:23And then we still have our TurboTax free edition.
02:27And that is for simple 1040 returns.
02:31And you can have earned income tax credit, child tax credit, student loans, just no additional schedules.
02:38And about 37% of tax filers qualify for that.
02:42To get started, go to TurboTax.com.