Americans get an ‘F’ on income tax quiz

Audio By Carbonatix

A new poll out on this tax day finds more than half of taxpayers don’t understand many basic questions about tax returns as they relate to retirement, college savings and health care.

A recent survey of more than 2,300 adults given by personal finance site NerdWallet found that dome 57% of taxpayers don’t know what a W-4 is, and 59% don’t know that today is the deadline for making a tax-deductible contribution to an individual retirement account.

What’s more, 58% of taxpayers incorrectly believe they can delay the due date of their income tax payment if they get an extension.

Tax software service TurboTax said more people are delaying filing their taxes this year.

One theory is that’s because they simply don’t know what they’re doing.

Corrie O'Connor