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What Should You Do With a Tax Refund?

Are you expecting a tax refund this year? If so, what will you do with it?

Of course, the answer largely depends on the size of your refund. For the 2020 tax year, the average refund was about $2,800, according to the Internal Revenue Service. But whether your refund this year will be about that size, smaller or larger, you can find ways to benefit from the money.

Here are some possibilities:

• Contribute to your IRA. You’ve got until April 18 to fully fund your IRA for the 2021 tax year. But if you’ve already reached the maximum for 2021, you could use some, or all, of your refund for your 20...

 

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