Press release
Intuit TurboTax Releases TurboTax Tax Trends Report
Report reveals Millennials and Gen Z continue to lead the charge in job-hopping, while cryptocurrency transactions were highest among mid-20 and
About this update from Intuit Inc.
[{"type":"text","content":"\nReport reveals Millennials and Gen Z continue to lead the charge in job-hopping, while cryptocurrency transactions were highest among mid-20 and 30-somethings\n\n SAN DIEGO--(BUSINESS WIRE)--\nTurboTax, from Intuit (NASDAQ: INTU), the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks and Mailchimp, releases the TurboTax Tax Trends Report, providing a retrospective look at how finances are evolving in America from 2020 through 2021 tax filing years.\n\nThe TurboTax Tax Trends Report analyzes data spanning major financial areas including income and inflation, employment, and cryptocurrency. Notably, the report uncovered that Gen Z and Millennials changed employers at a higher rate in 2021 compared to other generations. Meanwhile, 4.5% of Gen Z and millennials in the 25 to 34 age group of single filers included cryptocurrency sales transactions in their returns, compared to 2.9% overall.\n\n“The tax return is a window into consumer life and it provides insights into generational shifts, the macro-economic world, and premonition on upcoming trends,” said Varun Krishna, EVP & General Manager, Consumer Group at Intuit. “In the US, we are seeing Gen Z and Millennials rewriting the script on consumer finance. They are actively job-hopping and are investing more than other generations in areas like crypto. This report shines a light on the emerging consumer finances trends that we as an industry need to solve.\"\n\nKEY FINDINGS:\n\n\n\nIncome Growth\n\n\n\nThe median Adjusted Gross Income for U.S. tax returns was $46,000, a 10.2% increase in 2021 compared to 2020. The gains are highly dependent on filing status and life stage, and are dampened when considering inflation. When adjusting for inflation, the median income saw a 5.3% increase year-over-year.\n\n\n\n\n\nEmployment\n\n\n\nMillennials and Gen Z are leading when it comes to changing employment. Employer relationships become more stable with age. 73% of employed, single tax filers between the ages of 18 and 24 had at least one change of employer in 2021, compared to 33.2% of those between 45 and 54.\n\n\n\n\n\nCryptocurrency\n\n\n\n2.9% of returns overall included cryptocurrency transactions for 2021. Inclusion varied by age group. At its highest for single filers, 4.5% in the 25 to 34 age group included cryptocurrency sales transactions in their...