By academic standards, Americans would receive an “F” on their knowledge of basic income tax information, according to the results of a survey by personal finance website NerdWallet.
NerdWallet asked 1,015 US adults in early February to take a 10-question quiz on tax basics related to personal finance issues, such as retirement, college savings, and health care. The average score of the test-takers: 51 percent.
Most respondents, for example, did not know the tax implications of popular financial products, such as Roth individual retirement accounts (IRAs), flexible spending accounts, and 529 college plans.
The key takeaway of the survey results, according to the folks at NerdWallet, is that the US tax code is confusing to the average American...
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Source: Jason Bramwell (www.accountingweb.com)
