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  5. Smart Strategies for Using Your Tax Refund [Infographic]

Smart Strategies for Using Your Tax Refund [Infographic]

Written by a TurboTax Expert • Reviewed by a TurboTax CPA

Updated for Tax Year 2021 • December 9, 2022 01:01 PM

OVERVIEW

According to the IRS, the average federal tax refund for personal tax filers was $2,827 in tax year 2020. While it might be tempting to see this extra cash as a chance to splurge, consider using it to improve your finances.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.