How to make the best use of your tax refund:
, which doesn’t reduce your taxes now but the earnings can be withdrawn tax free after age 59 1/2 . In the meantime, your Roth IRA money isn't completely tied up since you can withdraw the sum of your contributions without tax or penalty, so it can even be used for emergency money. .
Another option is to contribute more to your employer’s retirement plan. While you generally can’t contribute your refund directly to a 401 or 403 plan, you can increase your contribution rate and use the refund to make up the difference in your paycheck. This is especially beneficial if you’re not contributing enough to get the full match.save for your children's education
in a 529 or Coverdell education savings account and have the money grow tax free for education expenses. If you invest in your own state's 529 plan, you may be eligible for a state income tax deduction. Just be aware that the earnings may be subject to taxes and a 10% penalty if used for non-qualified expenses.If your financial needs are taken care of, go ahead and enjoy yourself, but consider splurging that refund on an experience like a vacation rather than a shopping spree.
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