NEW HAVEN, Conn. (WTNH) — Not to long ago, a lot of people were rushing to do their taxes and expected to get some money back.
According to a new report by the IRS, they processed more than 128 million taxes returns and only 97 million of us got a refund. USA Today reports the average refund Americans received was $2,763, which is actually a two percent increase from last year.
Here’s how people spend their money:
- 41% plan to put the money in savings
- 38% plan to pay off debt
- 11% plan to use their refund toward a vacation
- 5% plan to splurge on a purchase
- 5% plan to use their refunds toward a big purchase, such as a car or home
For more information on this years tax refund and what people will likely spend their money on click here.