Majority of Seniors Avoid Filing Taxes Electronically, Finds Survey
Most seniors avoid filing their taxes electronically, but male seniors, employed seniors, or more affluent seniors are the most likely seniors to do so.
Among all seniors, 55% do not file their tax returns electronically, indicating their preference to do it themselves or having an accountant or the ARRP do it, according to a survey of young seniors, aged 62-75. The 46% of seniors who do file their taxes electronically cite its ease of use and ability to get it done quickly.
Seniors who are more affluent are significantly more likely to file their taxes electronically. The survey found that 63% of seniors with investable assets of at least $250,000 filed electronically, compared to 31% with less than $250,000.
Men are more likely to file their tax returns electronically compared to women (52% of men vs. 41% of women).
The survey also revealed that 31% of those seniors who are employed file their taxes electronically compared to retired (15%)
These findings and many more senior perspectives are revealed in the Senior Sentiment Survey, a study from Financial Freedom, the nation’s largest reverse mortgage lender, which explores the financial, social and quality of life attitudes of older Americans.