Audit I'm saying is it can be accrual world out there. A refund can help you return to normal. 

Answer: 

• About ⅔ of Americans receive a refund
• Average amount: $3,167

Photo by Kelly Sikkema on Unsplash

Questions:

• How might receiving a tax refund impact consumer spending and saving behavior?
• Compare the advantages and disadvantages of getting a large tax refund versus receiving more in your paycheck throughout the year.
• If you received a tax refund of $3,167, how would you use it? Explain why.

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Morning Brew):

"Sure, this must feel like your professor explaining that you have a final paper due at the end of the semester and it would be wise to “start now.” But the sooner you file, the sooner you’ll receive a refund. About two-thirds of Americans got a tax refund last year, and the average was $3,167."

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Want to dig into the 1040? Check out NGPF's On-Demand module: Tackling the 1040. 

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We update our taxes unit every year! Check out the updated Taxes Unit here. 

About the Author

Ryan Wood

Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.

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