Financial Literacy Month: Americans Largely Uninformed About Tax Basics

NEW YORK (CBSNewYork) -- As we approach the deadline for this year's tax filing deadline, a recent survey says Americans are failing when it comes to basic tax knowledge.

The survey by the personal finance advisory website Nerd Wallet found that respondents scored on average 51 percent in a 10-question quiz on tax basics related to issues such as retirement, college savings and health care.

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"I think the most surprising and saddest thing of all is that we're leaving a lot of money on the table," Farnoosh Torabi, a consultant with Nerd Wallet, told CBS2's Andrea Grymes. "We aren't really familiar with enough of the tax credits and deductions that can save us a lot of money come tax season."

Torabi said some mistakes people make include not knowing that contributions to an employer's 401(k) retirement program are tax deductible and that contributions to a 529 college savings account have tax benefits as well.

To watch the full interview, click on the video above.