What should you do with your tax refund?

It’s that time of year when tax refunds go out. If you get a refund this year, how can you make the best use of it?

For starters, you could use your refund to help fund your IRA. You still have until April 15 to contribute to your IRA for the 2025 tax year, but if you’ve already put in the full amount, you can begin on 2026 contributions.

If you have children or grandchildren, you could use some of your refund to help fund a tax-advantaged 529 education savings plan.

Another possibility is to use the refund to pay down some of your debts. You could try to pay off the smallest debts as soon as possible or, alternatively, tackle the debts that carry the highest interest rates.

It’s not often that you receive a financial windfall like a tax refund, so think carefully about how you can maximize its benefits.

This content was provided by Edward Jones for use by Maggie Schoepski, your Edward Jones financial advisor at 507-867-1460. Member SIPC