Jan
05
2026
An older couple smiles while looking at a smartphone together, possibly checking their OASDI benefits.

What Is OASDI Tax on a Paycheck? OASDI Tax Limits Explained

By | Financial Topics, Life & Career | Comments Off on What Is OASDI Tax on a Paycheck? OASDI Tax Limits Explained

OASDI tax on a paycheck is one of two taxes the IRS collects under the Federal Insurance Contributions Act (FICA). It stands for old-age, survivors, and disability insurance, and it’s designed to replace income lost due to retirement, disability, or death. Some people refer to it as Social Security tax. The other tax provides for Medicare. For most workers, these taxes are unavoidable.

Key Points

•   OASDI tax, or Social Security tax, funds benefits for retired, disabled workers, and their dependents or survivors.

•   Both employees and employers contribute 6.2% of wages up to a specific limit.

•   The wage base limit for OASDI tax is set at $184,500 for 2026.

•   Self-employed individuals pay 15.3% in OASDI and Medicare taxes, including 12.4% for OASDI.

•   OASDI tax is mandatory and funds current Social Security benefits, unlike personal retirement plan contributions.

What Is OASDI Tax?

OASDI is short for old-age, survivors, and disability insurance (you may hear it referred to as Social Security tax). It’s one of the types of taxes that many people in the U.S. pay. The OASDI program uses tax dollars to provide financial support to qualified people who are:

•   Retired

•   Disabled

•   Dependents of retired or disabled workers

•   Survivors of insured workers

As of December 2025, approximately 69 million Americans received benefits funded through the OASDI tax. The majority, 51.8 million, were retired workers who received an average benefit of $1,975 monthly.

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Recommended: How Much Do You Have to Make to File Taxes?

Why Does OASDI Tax Appear on My Paycheck?

If you see OASDI on your pay stubs, it’s another way to indicate Social Security taxes, as noted above. Your employer might list it as FICA Social Security tax or FICA SS tax on your pay stub instead of OASDI tax.

Your pay stub may show two totals for OASDI tax paid.

•   Current period. This is the amount of OASDI tax that was taken out of your paycheck for the current pay period.

•   Year-to-date. This amount is how much OASDI tax you’ve paid for the year, up to the current pay period.

You and your employer both pay Social Security tax, but your pay stub may only show your contributions.

“It’s a good idea to check your pay stubs periodically to ensure that the deductions being taken out are accurate and align with your financial goals,” says Brian Walsh, CFP® and Head of Advice & Planning at SoFi. “To make sure the appropriate amount of taxes are being withheld from each paycheck, you may also want to revisit your W-4 annually and make any adjustments as your circumstances change.”

How Does OASDI Tax Work?

OASDI tax is collected from workers to fund Social Security benefit programs for eligible people. The tax is assessed at a flat rate.

•   You pay 6.2% for Social Security tax.

•   Your employer pays 6.2%, for a combined 12.4% in OASDI tax.

OASDI tax is one part of FICA taxes; Medicare tax is the other. The current Medicare tax rate is 2.9%, which is split evenly, with 1.45% paid by the employee and the same amount contributed by the employer.

FICA tax deductions are automatic; you don’t have to remember to make those contributions or opt into them. Social Security and Medicare taxes paid are not eligible for a tax deduction. The rate is not dependent on your income tax withholding either. Every worker who’s required to pay OASDI tax pays the same percentage of their earnings.

(Tip: If you want to keep track of where your income goes besides taxes, a money tracker app can help you see your spending and saving. Check with your bank to see what tools they may offer.)

As you’re preparing for tax season, you should get a W-2 from your employer that shows all the taxes you paid throughout the year.

Is OASDI federal tax only? Yes, there’s no state tax equivalent.

Recommended: What Tax Bracket Am I In?

OASDI Tax for Self-Employed People

Being self-employed doesn’t let you off the hook for OASDI tax (nor for Medicare tax). The self-employed tax rate is 15.3%, which is split between 12.4% for OASDI and 2.9% for Medicare tax. Knowing that this amount needs to be paid can help you manage your online budget planning more effectively.

You’ll calculate self-employment tax using Schedule SE, Self-Employment Tax, when you file your Form 1040. You can deduct the employer-equivalent portion of self-employment tax when you calculate your adjusted gross income.

OASDI Limit 2025

The OASDI tax isn’t unlimited; the program caps the amount of earnings subject to taxation each year. Once you hit the wage base limit for the year, any additional earnings over that amount are not subject to the OASDI tax.

For 2025, the OASDI wage base limit was $176,100. That means the most workers would have paid in Social Security tax was $10,918.20. Self-employed individuals paid a maximum of $21,836.40.

OASDI Limit 2026

The OASDI tax limit for 2026 is $184,500. So the maximum tax employees will pay to Social Security is $11,439. If you’re self-employed, you’ll contribute no more than $22,878.

The wage base limit only applies to OASDI tax. There’s no limit on taxable earnings for the Medicare tax.

In fact, high-income earners may be subject to an additional Medicare tax of 0.9%. This tax applies to Medicare wages, self-employment income, and railroad retirement compensation that exceeds these amounts:

•   $250,000 (for married couples filing jointly)

•   $125,000 (for married couples filing separately)

•   $200,000 (for everyone else)

The additional Medicare tax funds the premium tax credit and other provisions of the Affordable Care Act (ACA).

Recommended: Credit Score Monitoring

Is OASDI Tax Mandatory?

OASDI tax is mandatory for most people, whether they work for an employer or are self-employed. Some exceptions exist for people who are:

•   Nonresidents and nonimmigrant aliens who hold A, D, F, G, or H visas

•   Members of certain religious groups who have a conscientious objection to receiving benefits from a private or public insurance plan

•   Self-employed and earn less than $400 annually

Generally, it’s difficult to avoid paying Social Security and Medicare taxes.

Is Social Security Tax the Same as the OASDI Tax?

Social Security tax usually means the same thing as OASDI tax. It’s money that comes out of your paycheck to fund benefit programs for elderly, retired, and disabled workers and their dependents or survivors.

If you’re looking at your pay stubs and see Social Security tax listed but no deduction for OASDI tax, you’re still paying it. Your employer just uses a different name for it. This may be a point you learn when you are paying taxes for the first time and delving into where your income goes.

OASDI Taxes for Nonresident U.S. Citizens

Living outside the U.S. doesn’t exempt you from federal tax obligations, including OASDI tax, as long as you maintain citizenship. You’ll still owe Social Security and Medicare tax if you work for an American employer, including for:

•   The federal government

•   Any individual who is a U.S. resident

•   A partnership where at least two-thirds of partners are U.S. residents

•   A trust whose trustees are all U.S. residents

•   A corporation organized under the laws of the United States, a U.S. state, or a U.S. territory

You’ll also pay OASDI tax if you work in a country that has a bilateral social security agreement with the U.S., and the agreement states that your earnings are subject to Social Security and Medicare taxes.

Recommended: Everything You Need to Know About Taxes on Investment Property

Does the OASDI Tax Cover Retirement Expenses?

OASDI tax is paid back to Americans in the form of Social Security benefits. Social Security represents around 31% of income for people aged 65 or older who use that money to cover retirement expenses, at least in part.

Keep in mind that paying into Social Security through OASDI tax is not the same as having retirement plan contributions deducted from your paychecks.

•   When you pay OASDI tax, the money goes into a pool that’s used to fund payments for people who are collecting benefits now.

•   Retirement plan contributions, meanwhile, go into a tax-advantaged account that only you can make withdrawals from according to the plan’s guidelines.

OASDI Tax Tips

OASDI tax is unavoidable for most people, whether you earn an average salary, entry-level pay, or are among the 1%. Here are a few tips for navigating the Social Security tax deductions you see noted on your paystubs.

•   Stay aware. The OASDI tax rate has largely held steady for decades, but the tax code is always subject to change. Staying clued in to changes to OASDI tax rates and wage base limits can help you estimate how much you’ll pay each year.

•   Check for accuracy. Errors can happen, and it’s possible your employer might report the wrong amount of OASDI tax on your paystubs or W-2s. (And you could get it wrong if you’re doing the calculations for self-employed tax; it’s one of several common tax filing mistakes). Reviewing your tax documents before you file can help you spot errors so you can request a correction.

•   Review your Social Security statements. The Social Security Administration provides statements showing your OASDI and Medicare taxes paid and your earnings history. You can use yours to estimate how much you might collect in Social Security benefits when you retire.

The Takeaway

OASDI tax on a paycheck indicates that you’re paying money into Social Security programs. You’ll pay this tax whether you work for an employer or yourself, with some exceptions. This information is helpful to know if you’re watching your budget and wondering where some of the money you earned went or thinking about how you’ll afford retirement.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

Why is OASDI taken out of my paycheck?

OASDI tax is taken out of your paycheck to fund Social Security programs for those who have income loss due to retirement, disability, or death.

Is it mandatory to pay OASDI tax?

Certain types of taxes are unavoidable, and OASDI tax is typically one of them. While there are some exceptions to paying Social Security tax, only a minority of taxpayers qualify.

Can I get OASDI tax back?

You can benefit from the OASDI taxes you’ve paid when you collect benefits from Social Security. That includes Social Security retirement and disability benefits. It’s also possible that you could overpay OASDI tax for a particular time period. In that case, you may be able to get the overage paid back to you, either from your employer or by filing Form 843 with the Internal Revenue Service (IRS).

What is the difference between OASDI and Social Security?

OASDI tax and Social Security tax are the same thing; they are just different terms. Along with Medicare tax, OASDI tax is part of what you pay for FICA taxes.

Can I opt out of OASDI tax?

You could request an exemption from paying OASDI tax on religious grounds. You’ll need to be able to prove that you belong to a religious organization that conscientiously objects to receiving benefits from private or public insurance plans.

At what age is Social Security no longer taxed?

Social Security is taxable at any age, though whether it’s subject to tax depends on your income. Your benefits may be taxable if the total of one-half of your benefits plus all other income you receive exceeds the base amount for your filing status. The base amount is:

•   $25,000 for single filers, heads of household, and qualifying surviving spouses

•   $25,000 married couples who file separately and don’t live together

•   $32,000 married couples filing jointly

•   $0 for married couples who file separately but still live together.

About the author

Rebecca Lake

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.


photo credit iStock/JLco – Julia Amaral

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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Jan
05
2026
A woman sits at her desk at home, smiling as she reviews her investments on her laptop.

Investing Quiz: How Much Do You Know About Investing?

By | Growing Wealth, Investing | No Comments

Investing is one of those skills that requires a steady input of time and effort in order to move beyond the basics. With experience, it’s possible to become more adept at managing risk and learn potential ways to help reach your financial goals.

From exploring exchange-traded funds (ETFs) to understanding alternative assets, becoming an effective investor means staying on top of the fundamentals — and being open to new strategies and asset classes.

To find out where you stand, take our super-quick (yet revealing) investment quiz to learn more about your strengths — and maybe some areas for improvement. You can also take your investing knowledge to the next level by accessing the resources below.

Test Your Investment Knowledge

Investing resources

The Takeaway

Learning to invest offers an important window into the world of finance and financial markets — and how to use different investment accounts and opportunities to help reach your financial goals.

Invest in what matters most to you with SoFi Active Invest. In a self-directed account provided by SoFi Securities, you can trade stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, options, and more — all while paying $0 commission on every trade. Other fees may apply. Whether you want to trade after-hours or manage your portfolio using real-time stock insights and analyst ratings, you can invest your way in SoFi's easy-to-use mobile app.


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SoFi Invest is a trade name used by SoFi Wealth LLC and SoFi Securities LLC offering investment products and services. Robo investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser. Brokerage and self-directed investing products offered through SoFi Securities LLC, Member FINRA/SIPC.

For disclosures on SoFi Invest platforms visit SoFi.com/legal. For a full listing of the fees associated with Sofi Invest please view our fee schedule.

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. This and other important information are contained in the Fund’s prospectus. For a current prospectus, please click the Prospectus link on the Fund’s respective page. The prospectus should be read carefully prior to investing.
Alternative investments, including funds that invest in alternative investments, are risky and may not be suitable for all investors. Alternative investments often employ leveraging and other speculative practices that increase an investor's risk of loss to include complete loss of investment, often charge high fees, and can be highly illiquid and volatile. Alternative investments may lack diversification, involve complex tax structures and have delays in reporting important tax information. Registered and unregistered alternative investments are not subject to the same regulatory requirements as mutual funds.
Please note that Interval Funds are illiquid instruments, hence the ability to trade on your timeline may be restricted. Investors should review the fee schedule for Interval Funds via the prospectus.

Exchange Traded Funds (ETFs): Investors should carefully consider the information contained in the prospectus, which contains the Fund’s investment objectives, risks, charges, expenses, and other relevant information. You may obtain a prospectus from the Fund company’s website or by emailing customer service at [email protected]. Please read the prospectus carefully prior to investing.

Mutual Funds (MFs): Investors should carefully consider the information contained in the prospectus, which contains the Fund’s investment objectives, risks, charges, expenses, and other relevant information. You may obtain a prospectus from the Fund company’s website or clicking the prospectus link on the fund's respective page at sofi.com. You may also contact customer service at: 1.855.456.7634. Please read the prospectus carefully prior to investing.Mutual Funds must be bought and sold at NAV (Net Asset Value); unless otherwise noted in the prospectus, trades are only done once per day after the markets close. Investment returns are subject to risk, include the risk of loss. Shares may be worth more or less their original value when redeemed. The diversification of a mutual fund will not protect against loss. A mutual fund may not achieve its stated investment objective. Rebalancing and other activities within the fund may be subject to tax consequences.

Investment Risk: Diversification can help reduce some investment risk. It cannot guarantee profit, or fully protect in a down market.

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. This and other important information are contained in the Fund’s prospectus. For a current prospectus, please click the Prospectus link on the Fund’s respective page. The prospectus should be read carefully prior to investing.
Alternative investments, including funds that invest in alternative investments, are risky and may not be suitable for all investors. Alternative investments often employ leveraging and other speculative practices that increase an investor's risk of loss to include complete loss of investment, often charge high fees, and can be highly illiquid and volatile. Alternative investments may lack diversification, involve complex tax structures and have delays in reporting important tax information. Registered and unregistered alternative investments are not subject to the same regulatory requirements as mutual funds.
Please note that Interval Funds are illiquid instruments, hence the ability to trade on your timeline may be restricted. Investors should review the fee schedule for Interval Funds via the prospectus.

Disclaimer: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Jan
02
2026
A smiling man relaxes on a couch while using a laptop, possibly researching the average American net worth.

Average American Net Worth by Age and Year

By | Budgeting & Goals, Financial Independence, relay | Comments Off on Average American Net Worth by Age and Year

The average net worth of Americans is about $1.06 million, according to the Federal Reserve’s most recent Survey of Consumer Finances, released in October 2023. Meanwhile, the median net worth of American households is $192,900, according to the same Federal Reserve Survey.

Net worth measures the difference between assets (what you own) and liabilities (what you owe). Understanding the average American net worth by age can be useful for comparing your own progress in building wealth.

Key Points

•  Average American net worth stands at approximately $1.06 million according to Federal Reserve data, while the median net worth is significantly lower at $192,900.

•  Net worth typically rises throughout working years, starting lowest for those under 35 and peaking between ages 65-74.

•  Historical trends show net worth declined during the 2008 financial crisis years but rebounded sharply between 2013 and 2022.

•  Geographic location significantly impacts net worth, with Hawaii showing the highest median at $692,700 while Arkansas reports among the lowest at $62,500.

•  Calculating net worth involves subtracting total liabilities from total assets.

What the Average American Net Worth Includes

The Federal Reserve collects data on net worth in the U.S. using the Survey of Consumer Finances. This survey is conducted every three years; the most recent undertaking began in March 2022. Findings are typically published in the year following the year the survey was completed.

To understand wealth and economic well-being in the U.S., the Federal Reserve looks at several specific factors:

•  Income

•  Homeownership status and home value

•  Debt (including mortgage debt, credit card debt, vehicle loan debt, and student debt)

•  Assets (including investment accounts, deposit accounts held at banks, vehicles, and business equity)

The Federal Reserve uses net worth as a gauge to measure increases or decreases in overall wealth levels. The survey also takes into account demographic factors, such as age, race, ethnicity, and level of education.

If you’re interested in calculating your net worth, you’d use similar metrics. For example, you could use an online net worth calculator to enter in your total debts and assets to determine your net worth. When calculating net worth home equity may or may not be included, depending on your preferences. It’s possible to get a positive or negative number, depending on how your liabilities compare to your assets.

You can also use a budget planner app to track net worth as well as your spending, credit scores, and savings. This type of money management tool can deliver a snapshot of your finances to your mobile device.

Recommended: Does Net Worth Include Home Equity?

How the Average American Net Worth Varies By Age

Using the Survey of Consumer Finances as a guide, net worth typically rises over the average American’s lifetime before gradually beginning to decline. Average net worth is lowest for Americans under age 35; between the ages of 35 and 44, the average net worth makes a sizable leap.

There’s another significant bump that happens between the ages of 45 and 54, then the pace at which net worth increases begin to slow. Once Americans turn 75, their average net worth begins to decline.

This pattern makes sense, however, if you consider what the typical person’s working career and retirement might look like. Someone in their 20s likely isn’t making much money yet. They probably don’t own a home and a lot of what they do make might go to repaying student loans, car loans, or credit cards.

In their 30s and 40s, they may move into higher-paying jobs. Their debts may be mostly paid down or paid off so they can afford to buy a home. By the time they reach their mid-40s, they may be in their peak earning years and their home might have appreciated in value since they purchased it.

Net worth growth begins to gradually slow down once they’re in their 50s and 60s. That could be chalked up to moving some of their portfolio into safer investments or beginning to draw down their savings if they’re retired. Once they reach their 70s, they may be spending more of their assets on health care, including long-term care. Or they might have downsized into a home with a lower value.

Age Range Average Net Worth
Less than 35 $183,380
35-44 $548,070
45-54 $971,270
55-64 $1,564,070
65-74 $1,780,720
75+ $1,620,100

Source: The Federal Reserve’s 2022 Survey of Consumer Finances

How the Average American Net Worth Varies Over Time

The Survey of Consumer Finances provides a snapshot of how the average American net worth has changed over time. From 1998 to 2007, for instance, there’s a steady increase in net worth among American households. But between 2007 and 2013, the average American net worth declined. This makes sense, given that the 2008 financial crisis had an impact on millions of American households. Between 2013 and 2019, net worth rebounded sharply, and it continued to rise between 2019 and 2022.

This begs the question of how much net worth might change again if the economy were to experience another downturn. If home values were to drop or a bear market caused stock prices to dip, it stands to reason that Americans’ might see their net worth fall. There is a silver lining, as economies do recover over time and the impacts may be less for younger investors. But a drop in net worth might not be as welcome for someone who’s close to retirement.

Survey of Consumer Finances Year Average American Net Worth
2019 – 2022 $1.06 million
2016 – 2019 $748,800
2013 – 2016 $692,100
2010 – 2013 $534,600
2007 – 2010 $498,800
2004 – 2007 $556,300
2001 – 2003 $448,200
1998 – 2001 $395,500

How the Average American Net Worth Varies by State

The Survey of Consumer Finances does not track net worth data by state. But the Census Bureau does compile information on household wealth and debt at the state level.

In terms of what influences the average net worth by state, there are a number of factors that come into play. Some of the things that can influence net worth include:

•  Homeownership rates

•  Property values

•  Employment opportunities

•  Average incomes

•  Access to education and job training

According to the most recent data available from the Census Bureau, the median net worth across all states was $191,100 as of 2023. “Median” represents households in the middle of the pack, so to speak, for net worth calculations. Here’s what the median net worth looks like in each state.

State Median Net Worth State Median Net Worth
Alabama $103,500 Montana $258,100
Alaska (B)* Nebraska $285,800
Arizona $204,300 Nevada $173,700
Arkansas $62,500 New Hampshire $412,600
California $273,800 New Jersey $312,400
Colorado $370,000 New Mexico $77,500
Connecticut $253,100 New York $132,800
Delaware (B)* North Carolina $170,400
District of Columbia (B)* North Dakota (B)*
Florida $255,100 Ohio $154,400
Georgia $167,000 Oklahoma $78,510
Hawaii $692,700 Oregon $248,900
Idaho $313,400 Pennsylvania $207,700
Illinois $209,500 Rhode Island (B)*
Indiana $141,300 South Carolina $129,900
Iowa $177,100 South Dakota (B)*
Kansas $144,200 Tennessee $172,000
Kentucky $81,900 Texas $149,500
Louisiana $85,230 Utah $282,800
Maine $303,700 Vermont (B)*
Maryland $330,500 Virginia $219,100
Massachusetts $394,900 Washington $456,500
Michigan $167,000 West Virginia $115,000
Minnesota $271,300 Wisconsin $188,000
Mississippi $87,280 Wyoming (B)*
Missouri $118,700

*Note: Where a (B) is entered, that means the base was less than 200,000 households or a sample size of less than 50 so the Census Bureau did not record net worth information for those states.

Recommended: What Is The Difference Between Transunion and Equifax?

The Takeaway

As discussed, net worth captures the difference between an individual’s assets and their debts. In the U.S. the average net worth varies by location and age. Tracking net worth is something you may want to do monthly if you’re paying off debt. You can use a money tracker app to figure out how long it will take you to become debt-free based on what you can afford to pay. As your income increases you may be able to pay down debt in larger amounts to increase your net worth faster.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

What is the average net worth by age for California?

The median net worth for Californians is $273,800, according to the Census Bureau. This figure represents the middle ground between California residents of all ages from the highest net worth to the lowest.

What is the average net worth by age for New York?

The median net worth for New Yorkers of all ages is $132,800, according to the Census Bureau. This figure represents the middle ground between New York residents whose net worth is at the highest and lowest end of the spectrum.

What is the average net worth by age for Florida?

The median net worth for Florida residents of all ages is $255,100, according to the Census Bureau. This amount represents the middle ground between Floridians with the highest and lowest net worth.

About the author

Rebecca Lake

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.


Photo credit: iStock/Prostock-Studio

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Jan
02
2026
A stressed woman at a desk with paperwork and a calculator, perhaps wondering about the IRS tax refund date.

2025 IRS Tax Refund Dates and Deadlines

By | Budgeting & Goals, Financial Independence, relay | Comments Off on 2025 IRS Tax Refund Dates and Deadlines

According to the IRS, most tax refunds are issued in under 21 days. However, some tax returns require more attention, which can lengthen the process and push back your tax refund date.

The deadline for filing 2025 taxes is Wednesday, April 15, 2026. If you request an extension, the deadline is Thursday, October 15, 2026. The deadline to file 2026 taxes is Thursday, April 15, 2027; the deadline to file an extension is Friday, October 15, 2027.

Keep reading to learn more about deadlines for 2025 and 2026 tax returns, and how to track the progress of your tax refund.

Key Points

•   The 2025 tax filing deadline is April 15, 2026; extensions until October 15, 2026.

•   Most refunds are issued within 21 days of IRS acceptance, with electronic filers receiving confirmation in about 3 weeks.

•   Filing early and electronically reduces errors, speeds processing, and expedites refund receipt.

•   Delays in refund processing can result from claiming specific credits, errors, or owing government debt.

•   Refund status can be tracked online 24 hours after electronic submission.

Tax Refund Process, Explained

The process begins when you submit your return to the IRS. The IRS then breaks down the process into three steps: return received, refund approved, and refund sent.

If you file electronically, you should receive an email confirming that your return was received within 24 hours. Paper return filers will have to wait longer.

After the IRS processes your return and confirms the information, your refund will be approved and a tax refund date will be issued. This takes about 3 weeks for electronic filers. Taxpayers who file a paper return by mail will wait at least four weeks.

The last step is when your tax refund is sent out. For filers who provide direct deposit information, your refund should appear in your account almost immediately. Taxpayers who do not include their bank information will have to wait for a paper check to arrive by mail.

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Factors Impacting How Long a Tax Refund Takes

Several factors can affect the timing of your tax refund — including your financial organization skills and the accuracy of the information you provide. If you don’t receive your tax refund within 21 days, your return is likely being manually reviewed due to a mistake or complication.

The following factors can also affect your 2025 and 2026 tax refund dates.

How Early You File

Filing early is essential if you want to get your tax refund early. Ideally, you should be able to compile all your tax documents by the end of January. Forms such as W-2s, 1099-Rs, 1098-Es, and 1098s will provide the income information you need to file.

Filing early means submitting your tax return before the official deadline of Wednesday, April 15, 2026, for your 2025 tax return, or Thursday, April 15, 2027, for your 2026 tax return. Since many taxpayers file their returns on the official deadline, filing early allows you to beat the rush.

Similarly, if you requested an extension, filing “early” means before the October deadline. The deadline for 2025 returns is Thursday, October 15, 2026 (and Friday, October 15, 2027 for 2026 returns). However, taxpayers can file anytime before October. This way, you’ll avoid the bottleneck that inevitably occurs on the deadline itself.



If You Are Claiming Certain Credits

Claiming certain credits on your tax return can push back your 2024 tax refund date. These include:

•   Earned Income Tax Credit

•   Additional Child Tax Credit

•   Injured Spouse Allocation

•   Child Tax Credit, if you claim the wrong amount

E-filed or Sent By Mail

Whether you do your own taxes by hand, use software to assist you, or hire an accountant or tax preparer, it’s best to opt for electronic filing. E-filed taxes are accepted by the IRS within a day or two, while mailed paper returns can take weeks to arrive.

Existing Government Debt

Some taxpayers owe the federal or state government due to unpaid child support, taxes from years past, or student loan payments. Taxpayers facing these issues will receive a reduced refund or none at all, and any refund can take longer than the standard 21-day timeframe after e-filing.

How to Track the Progress of Your Refund

If you’re like most taxpayers, it won’t take long until you start wondering where their tax refund is. Getting hold of a live IRS representative by phone is possible but challenging during tax season.

Fortunately, the IRS’s Refund Status tool provides updates on your tax refund date just 24 hours after you submit your taxes electronically.

The tool shows taxpayers one of three statuses: return received, refund approved, or refund sent. After the refund is approved, the IRS will give you a tax refund date. If you mailed your return, you’ll have to wait about four weeks for the tool to provide information on your refund.

What to Do Once Your Refund Arrives

How should I spend my tax refund? It’s a perennial question for taxpayers. Top choices include paying down debt, saving for a vacation, and investing. The important thing is to plan ahead so you don’t spend it all on frivolous or impulsive purchases.

One popular option is to treat your refund like regular income. You can budget the majority of the money for “needs” by setting up an emergency fund or paying down your mortgage. The rest can be set aside for “wants,” such as a year’s worth of dining out.

An online budget planner can help you decide the appropriate percentages for needs and wants. Likewise, a debt pay off planner can show you how much sooner you’ll be debt-free after depositing some or all of your refund.

What Happens If You Can’t File Income Taxes by the Deadline

Each year, taxpayers unable to file their return on time (usually mid-April) can ask the IRS for an extension. The IRS’s Free File tool allows you to electronically submit a request to change your filing deadline to October.

Be aware that taxpayers who want an extension must make an educated guess about the taxes they owe and pay the IRS that amount.

How to File Form 4868 for a Tax Return Extension

Another way to file for an extension is to complete form 4868. You can submit the form electronically or by mail.

The Takeaway

While you cannot predict your exact tax refund date, filing electronically early in the tax season can help you get your refund faster. The IRS sends out most refunds within 21 days of receiving the return. The deadline for filing 2025 taxes is Wednesday, April 15, 2026. If you request an extension, the deadline for filing a 2025 tax return is Thursday, October 15, 2026.

The deadline for filing 2026 taxes is Thursday, April 15, 2027, or if you need an extension, Friday, October 15, 2027.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

When should I expect my 2026 tax refund?

Typically, you can expect to receive your refund within 21 days of filing your return. However, mistakes and special tax credits can slow down the process.

What days does the IRS deposit refunds in 2026?

The IRS deposits refunds Monday through Friday, except for holidays.

How long does it take the IRS to approve a refund in 2026?

Most refunds are issued in 21 days or less from when the IRS accepts your return. However, if there are issues with the return, it may take longer.

About the author

Ashley Kilroy

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.


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Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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Jan
02
2026
A vet holding a tablet in one hand while examining a dog that is lying on an exam table.

What Is the Average Student Loan Debt for Veterinarians?

By | Fresh Out of School, Student Loans, student_loan | Comments Off on What Is the Average Student Loan Debt for Veterinarians?

If you’re an animal lover, a career as a veterinarian can be deeply rewarding. However, you may end up with significant student loan debt after earning your Doctor of Veterinary Medicine. According to the American Veterinary Medical Association (AVMA), 2025 veterinary school graduates with debt owed an average of $212,499 upon graduation.

Debt of this magnitude can take a long time to pay off, but there are programs that can help make repayment more manageable. Here’s a closer look at the average vet school debt and costs, plus tips on how to manage your veterinary student loan debt.

Key Points

•   Veterinary school graduates face significant student loan debt, averaging $212,499 for the class of 2025.

•   The cost of veterinary school can exceed $200,000 for in-state students and $275,000 for out-of-state students.

•   Strategies to manage veterinary student loan debt include income-driven repayment plans, loan forgiveness opportunities, and refinancing.

•   Loan repayment programs are available for vets, such as the USDA’s Veterinary Medicine Loan Repayment Program.

•   Veterinary graduates have strong prospects for employment after graduation and earn an average starting salary of $129,000.

Overview of Veterinary Education Costs

Veterinary school typically spans four years after an individual earns an undergraduate degree and costs an average of more than $200,000 for in-state residents and $275,000 for out-of-state students, according to the Veterinary Information Network Foundation.

The American Association of Veterinary Medical Colleges (AAVMC) found that resident four-year tuition ranges from $78,588 to $259,720. While these figures reflect tuition rates, there are additional costs involved with paying for vet school. These include room and board, transportation, books, and other living expenses.

For nonresidents, total costs can range anywhere from $200,740 to $389,251, according to the AAVMC.

Current Average Student Loan Debt for Veterinarians

Given the high cost of veterinary school tuition, it’s not surprising that vet school debt reaches well into six-figure territory.

National Average Student Debt Figures

In 2025, the national average student debt among all veterinary school graduates was $174,484. Among the veterinary school graduates who took out student loans, the average veterinary student debt was higher at $212,499.

For some of these graduates, student loan refinancing might be an option worth considering to help make repaying their vet school debt more manageable, especially if they can qualify for lower interest rates and better loan terms.

Comparison to Other Medical Professions

While the average veterinary student debt is high, it’s not the highest among medical professions. Here’s how veterinary debt compares to the average debt of a bachelor’s degree and other medical programs.

Program Average Debt
Bachelor’s $35,639
Pharmacy school $170,444
Veterinary school $212,499
Medical school $216,659
Dental school $280,700

Recommended: Student Loan Debt by Major

Factors Influencing Veterinary Student Loan Debt

The main factors that influence student debt for veterinarians are the high cost of veterinary school, the price of room and board, and in-state vs. out-of-state tuition rates.

Cost of Veterinary School

Four years of veterinary school can cost more than $200,000 for in-state residents and over $275,000 for out-of-state residents. The majority of veterinary students (over 80%) borrow student loans to cover costs.

Some factors that can influence how much you have to pay to become a veterinarian include:

•   In-state vs. out-of-state tuition rates: Tuition rates are lower at public veterinary schools for in-state residents and higher for out-of-state residents. The highest costs are generally at private veterinary schools.

•   Cost of living in your location: Along with tuition and fees, you have to factor in living expenses. These expenses may be a lot higher in an urban area than a rural one and can vary widely depending on where your school is located.

•   Room and board: Costs for housing and food are another major expense. You can save money by commuting or sharing an apartment with roommates as well as by buying your own groceries over paying for a university meal plan.

•   Grant and scholarship availability: Grants and scholarships can help defray the costs of veterinary school and don’t have to be repaid, but they can be competitive. Apply to as many opportunities as you can to try to access this gift aid for school. Don’t forget to submit the Free Application for Federal Student Aid (FAFSA), which helps you receive access to federal financial aid.

•   Personal savings: If you have savings you can put toward veterinary school, such as money in a 529 college savings plan, you may not have to borrow as much in student loans.

While the average veterinary school debt is high and has risen since 2023, it decreased in previous years. In 2022, the average student debt for all graduates was down by more than 6% from 2020. Among student loan borrowers, it was down 5% from 2020.

Total debt-to-income ratios improved somewhat in 2022, meaning that veterinary graduates were slightly better able to pay off their student loans than in previous years. In 2025, the average ratio was 1.4-to-1 for graduates who started working full-time, the same as in 2024. That means for every $1 earned in gross annual income, grads owed $1.40. The average graduate with a salary of $100,000, for example, might owe $140,000 in veterinary school debt.

Impact of Student Loan Debt on Veterinarians

Although student loan debt can be a major financial burden for veterinarians, it’s not their top motivating factor when choosing an offer of employment. According to a 2024 AVMA survey, most new graduates (82%) said they chose their jobs for the mentorship opportunities.

After that, the top reasons for selecting an employment offer were location, people, and compensation.

Career Choices and Specializations

Veterinarians have strong prospects for employment after graduation, with about 88% receiving an offer for a job or position in advanced education after leaving school. Most graduates go into private practice, followed by internships and then public practice.

In 2024, the distribution of new graduates accepting positions was:

•   Private practice: 65.1%

•   Internships: 27.6%

•   Public practice: 2.6%

For the class of 2025, the percentage of graduates who chose to work with companion animals was the greatest (72.6%), followed by those who went into mixed animal practice (10.9%), equine practice (7.9%), and food animal practice (3.2%).

The average starting compensation was $129,000 among 2025 veterinary graduates who got a full-time job.

This is how much a veterinarian makes on average, broken down by job type:

•   Private practice: $131,210

•   Public practice: $105,829

•   Residencies: $54,847

•   Internships: $56,705

Some veterinarians also scored additional compensation in the form of signing bonuses and other benefits:

Benefit Percentage that received benefit Average benefit amount
Signing bonus 61% $19,777
Moving allowance 37% $5,688
Student loan repayment 15% $15,628
Housing allowance 3% $11,464

Strategies for Managing Veterinary Student Loan Debt

If you owe veterinary student loans, here are some strategies that can help you pay off your debt:

•   Explore loan forgiveness and repayment assistance programs: You may qualify for student loan assistance from a federal or state program depending on where you work. For instance, the Public Service Loan Forgiveness program is available to veterinarians working in shelters, zoos, or aquariums, as military veterinarians, or in other public service jobs. The USDA’s Veterinary Medicine Loan Repayment Program offers up to $40,000 in student loan help each year to vets committed to working in shortage areas for at least three years. This student loan forgiveness guide can help you discover other forgiveness opportunities that may be available to you.

Some states also have student loan repayment assistance programs (LRAPs) for veterinarians who work in high-need areas. Unlike federal programs, state LRAPs may offer assistance toward both federal and private student loans.

•   Compare repayment plan options: If you owe federal student loans, as of January 2026 you have several repayment plans to choose from, including the standard 10-year plan, the extended 25-year plan, and income-driven repayment plans. (Repayment plans are changing for loans disbursed after June 2026.) Income-driven plans can be helpful if you need to adjust your monthly payments in accordance with your income. The Income-Based (IBR) plan can also end in loan forgiveness if you still owe a balance after 20 or 25 years.

•   Make extra loan payments to get out of debt faster: If you can afford it, making extra payments on your veterinary student loan debt can speed up repayment. It can also save you money on interest, which can be helpful because federal student loan interest rates have generally increased over the past four years, though rates for the 2025-2026 school year have seen a small decrease since the previous year.

•   Look into student loan refinancing: Refinancing your student loans may help you get a better interest rate if you qualify, which could save you a significant amount of money on your loans. You’ll also get the chance to combine multiple loans into one loan and select new repayment terms. Keep in mind, though, that you may pay more interest over the life of the loan if you refinance with an extended term, and refinancing federal loans turns them private, meaning you’ll forfeit access to federal benefits and programs.

The Takeaway

Working as a veterinarian is an exciting career choice with solid employment prospects, but earning your degree comes with costly tuition and potentially high student loan debt. If you end up borrowing student loans, consider strategies for managing your debt, such as income-driven repayment, student loan assistance programs, or refinancing student loans for better rates or terms if you qualify for them.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

What is the current average student loan debt for veterinarians?

The current average student debt for veterinarians is $174,484 among all graduates and $212,499 among graduates who have taken out student loans.

How long does it typically take to repay student loans for veterinary school?

It can take a decade or longer to repay student loans for veterinary school. The current standard repayment plan in January 2026 spans 10 years, and alternative repayment options may last 20 or 25 years. You can look into loan forgiveness programs and loan repayment programs for help repaying your loans if you’re eligible.

Are there loan forgiveness or repayment programs specifically for veterinarians?

Yes, there are loan repayment programs specifically for veterinarians. The USDA’s Veterinary Medicine Loan Repayment Program is a national program that offers up to $40,000 in student loan repayment each year to vets who work in a shortage area for at least three years. Some states also offer student loan repayment assistance programs to qualifying veterinarians, so check with your state to see what’s available.

Photo credit: iStock/Mr Vito

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Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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