Re-fund or No Fun

Studies done by TurbTax and the IRS show that:

  • Of the “early filers” (on or before February 27, 2010), 46% used a portion of their refund to pay off debt
  • 40% of taxpayers filed before the end of February
  • The average refund for “early filers” was $2,869

ACACIA ULTD asked New Yorkers, “If you were to receive a tax refund well over the national average this year – $5,000, how would you, or do you spend it?” Survey says…

“Clear debt.” -Marie, Brooklyn, NY, 25

“I would put $2,000 into savings  and the rest would go towards [building my business or furthering my education].” -Roxi, Brooklyn, NY, 31

“I would pay off debt, donate funds to a friend’s organization and save the rest for the purchase of a car!” -Candy, Brooklyn, NY, 34

“I’d get my teeth fixed, pay off credit card debt, and take a vacation.” -Sunny, Brooklyn, NY, 29

“Pay off bills.  Absolutely.” -Dom, Milwaukee, WI, 23

Pay off debt.” -Cole, Brooklyn, NY, 40

“Savings, debt, something nice for [myself], and charity.” Danny, Bronx, NY, 26

“It would go to help pay for my father’s cancer treatment… at least his flight before being denied treatment because he doesn’t have health insurance.” -Gene, Seattle, WA, 30

“Put half into a retirement account, another $500 into savings.  Use $500 to go on a trip some place warm.  Use $1,000 to reduce credit card debt.  Floss rest.”  -Dee, Brooklyn, NY, 34


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