If you’re one of nearly 126 million people expecting to receive an income tax refund next year (and that’s almost 75% of Americans), that’s probably the largest windfall you’ll receive all year. What will you do with that money? In 2020, the average refund was almost $3,000. More than 65% of refund recipients
said they planned to use their refund money paying down debt or spending it on everyday expenses; 15% planned to spend it on a major purchase, like a vacation or big-screen TV.