Gen Z, Millenial Tax Season Stress
Channel: CBS 12 News - WPEC
Date: 2024-04-08

Filing taxes has brought some Gen Z and Millennials to tears, according to results of a new survey conducted by Cash App.

Cash App asked more than 1,000 people how they’re feeling as they file, and it found extreme results say the stress has led to arguments with a loved one and others even need a therapist to cope.

The deadline date is Monday, April 15, but almost half of Gen Z and Millennials included in this survey said they didn’t know that.


The survey also found that tax filing stress is likely due to the overall lack of clarity around the process of filing. That's because the concept isn’t typically taught in schools despite about 91 percent of people putting it ahead of many other lessons.

More than half of those surveyed were also unsure of where to get their W-2 or 1099 form. For that information, you contact your current or previous employer or call the IRS at 800-829-1040.

CBS12 News spoke with Chuck Czajka, the CEO of Macro Money Concepts.

"I think it's simple enough that you can do yourself, depending on your income level. If you have a standard deduction, take a standard deduction, then you don’t have to list everything," he told CBS12 News. "The biggest thing I find is that organizational skills, in younger people, they don’t remember where they worked last year. They might have had 1 to 2 or 3 jobs. They will file their taxes and forget they had a W2 coming from another company so all of sudden they have to file a revision."

Czajka also tells CBS12 News if you do plan to file an extension it does not give you more time to pay the amount due.

As of April 15, you will begin accumulating penalties and interest. Penalties start at 5 percent of your unpaid taxes each month it’s late and can climb to 25 percent.

For anyone making money through social media, like TikTok or Instagram, your taxes may be more complicated to file. Czajka recommends you make an appointment with a professional tax preparer, but he says do that now because the deadline is quickly approaching.

Read more: https://cbs12.com/news/local/new-survey-finds-stress-of-filing-taxes-brings-some-gen-z-millennials-to-tears-cash-app-april-15-macro-money-irs-april-8-2024#

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