How much do consumers know about new tax rules?

Individual income tax returns (or filing extension requests) are due one week from today. According to findings from Betterment, 85% of Americans feel somewhat confident in their knowledge of taxes following the Tax Cuts and Jobs Act. Yet when asked specific questions, many failed to give correct answers (e.g., only 16% knew the new standard deduction amount; 39% of Millennials and Gen Z didn’t know the correct tax filing deadline). And half didn’t know how much is withheld from their paychecks for taxes.