A Bird In The Hand
| Plans For Refund | |
| Plan | % of Respondents |
| Pay down debt | 30% |
| Save of invest | 28 |
| Spend on necessities | 26 |
| Splurge on vacation or shopping spree | 7 |
| Something else/don't know | 9 |
| Source: Bankrate, April 2010 | |
Bryan Pukoff, CPA and principal at Rehmann, says "... there is still a lot of uncertainty out there... different than what we have seen in the past... people generally... spend it on something for themselves... the percentages surprise me... "
On the other hand, 40% of those who believe they owe taxes say they are not prepared to pay up. Nevertheless, only 6% plan to borrow money, though 17% say they intend to set up an installment plan with the IRS. 63% of respondents will pay their taxes with funds straight from their bank accounts.
| Tax Day Expectations | |
| Expectation | % of Respondents |
| Expect to receive a tax refund | 46% |
| Have to pay additional taxes | 22 |
| Don't expect a refund; don't have to pay | 12 |
| Already received refund | 9 |
| Don't know/no response | 9 |
| Source: Bankrate, April 2010 | |
Greg McBride, Bankrate.com's senior financial analyst, points out that regardless of economic conditions, putting the money directly into an IRA would be a smart move from a financial planning point of view.
"... the Employee Benefit Research Institute showed that 54% of Americans have less than $25,000 saved for retirement. The tax refund is the biggest windfall people are going to get all year," McBride says.
The vast majority of Americans, 88%, will receive their refunds via check or direct deposit from the U.S. Treasury. 3% of respondents plan to have their refund deposited into multiple accounts, including an IRA. 3% of those getting a refund took a refund anticipation loan. For people with incomes under $30,000, that number jumps to 6%.
For additional information, please visit Bankrate here.
JACK LOECHNER
Center for Media Research
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