What to do with your tax refund: 9 simple ideas
The average tax refund in the U.S. in 2017 was $2,895, according to the IRS. But any amount, when used wisely, could get you closer to important goals such as reducing debt, saving for your kids’ college tuition or growing your retirement fund. Consider these ideas if you get money back this tax season.
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Before you invest in a Section 529 plan, request the plan’s official statement from your advisor and read it carefully. The official statement contains more complete information, including investment objectives, charges, expenses and risks of investing in the plan, which you should carefully consider before investing. You should also consider whether your home state or your designated beneficiary’s home state offers any state tax or other benefits that are available only for investments in such state’s 529 plan. Section 529 plans are not guaranteed by any state or federal agency. Always consult a tax professional.
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