TurboTax Tax Trends Report for Tax Year 2022

This document is a report detailing the TurboTax Tax Trends for the tax year 2022, with a specific focus on the financial state and tax-filing behavior of Gen Z tax filers. It presents findings based on anonymized and aggregated data collected up to March 28, 2023, highlighting trends in income changes, tax refunds, and filing behaviors. The report indicates that 63.29% of Gen Z tax filers experienced an increase in their Adjusted Gross Income (AGI) of 10% or more year-over-year, while 91.3% received a refund in Tax Year 2021. The analysis reveals that early filers tend to report lower incomes, with median AGI figures provided for different filing periods. Furthermore, the report discusses the rise in combined W-2 and self-employment income among Gen Z, noting a year-over-year increase in this demographic's financial activities. The document aims to provide insights into the evolving financial landscape for younger tax filers, emphasizing the importance of understanding their tax situation amidst changing economic conditions.