We’re almost a week removed from Tax Day, which means plenty of Utahns and Americans will soon receive their long-awaited refunds.
How much will each Utahn get? It depends on their own financial situations. But, as CNBC reported, the average Utahn receives $2,640 in income tax refunds.
That number sits below the national average, which is about $3,050, according to the Internal Revenue Service. That does not include refunds for business income, estate or trust income taxes, CNBC reported.
Utah’s average return isn’t the lowest in the nation. Maine receives the lowest at $2,300, while Texas earns the highest at $3,130.
CNBC calculated the numbers by looking at the total number of refunds issued in every state and the total sum of refund dollars issued in every state.
“If you're one of the millions expecting a tax refund this year, make sure you collect (uncollected refunds average $700) and consider using it to improve your financial situation, whether that means tackling debt, funding your retirement accounts or chipping away at your rent or mortgage,” CNBC reported.
Read more at CNBC.
So what should you do with your tax return? About one-third will use the refund to buy basic necessities, according to Madison.com.
But according to Pantagraph, you should add it to your emergency savings account, contribute the money to an IRA account or pay off credit card debt.
Pantagraph also advises those with returns to put the money toward a home or paty off college debt.
Either way, it’s important to remain financially responsible.
“No matter what you plan to do with your tax refund this year, the key is to put some thought into it and resist the urge to blow it on something frivolous,” according to Pantagraph.