Americans get an ‘F’ on income tax quiz

Americans get an ‘F’ on income tax quiz
Image: Shutterstock

More than half of taxpayers don’t understand many basic personal finance questions about federal income tax returns as they relate to retirement, college savings and health care, a result not much changed from previous years, based on a recent survey of more than 2,300 adults given by personal finance site NerdWallet. That is a fail by academic standards.

[…]

See how much you know about taxes. [Ed. – Answers may be found at the source.]

  1. Is the money you put in a Roth IRA pretax or post-tax?
    A) Pretax.
    B) Post-tax.
    C) None of the above.
    42% got the right answer.
  2. Can married couples file taxes separately?
    A) Yes.
    B) No.
    90% got the right answer.
  3. When can you adjust your withholdings and exemptions on your W-4 with your employer?
    A) Any time of the year.
    B) Any time before Jan. 1 of each year.
    C) After you receive your W-2 from the previous year’s earnings.
    D) By the end-of-year tax deadline.
    67% got the right answer.

Continue reading →


Commenting Policy

We have no tolerance for comments containing violence, racism, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse.

You may use HTML in your comments. Feel free to review the full list of allowed HTML here.