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Financial Capability and Asset DevelopmentResearch, Education, Policy, and Practice$
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Julie Birkenmaier, Jami Curley, and Margaret Sherraden

Print publication date: 2013

Print ISBN-13: 9780199755950

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199755950.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 12 April 2021

Income Tax Time as a Time to Build Financial Capability

Income Tax Time as a Time to Build Financial Capability

(p.192) 9 Income Tax Time as a Time to Build Financial Capability
Financial Capability and Asset Development

Jennifer L. Romich

Nicole Keenan

Jody Miesel

Crystal C. Hall

Oxford University Press

After filing a federal income tax return, many low- to moderate-income working families receive lump sum refunds equal to one, two, or more months of earnings. This chapter introduces those interested in advancing financial capability to the income tax system and presents some new research about tax-filers’ experiences. Empirical results are based on interviews with 38 clients of a community-based volunteer tax preparation service. Respondents approach tax season with generally accurate ideas about the likelihood and size of refunds. The reasoning behind these predictions is based on both broad stroke understandings of tax rules as well as ideas of citizenship and deservedness. Practitioners are urged to be aware of the importance of income tax refunds, help their constituents avoid unsettling filing surprises, and work toward commercial firm practices and public policy that support financial capability at tax time.

Keywords:   tax credit, tax refund, financial capability, income tax

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