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What will you do with your IRS refund? TD Ameritrade poll finds most Americans planning to save or invest theirs.

Print | Comments () Posted by Christine Dunn February 17, 2012 06:00 AM

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What are your plans for this year's tax refund?

According to a recent poll by TD Ameritrade, of the more than half of Americans who expect to receive a refund on their taxes this year, 63 percent plan to save or invest at least part of that money.

In addition to saving or investing, many said they would pay down debt, and some said the refund would go towards paying for necessities such as food or utility bills. Only 14 percent of respondents planned to splurge on luxuries, according to the survey of more than 1,000 adults, TD Ameritrade Holding Corp. said.

What do you plan to do with your refund? Tell us in the comments section below.

Do you know when taxes are due this year?
It may not be when you think.

The answer for both state and federal tax filings this year is Tuesday, April 17th.

Why? Traditionally, state and federal taxes are due on April 15th. However, this year, April 15th is a Sunday, which extends the deadline to the next business day.

Monday, the 16th is a Massachusetts state holiday, Patriot’s Day. It's also Emancipation Day, a legal holiday in the District of Columbia. There will be no mail delivery that day for those states, so the next business day is the official tax deadline this year.

If you’re planning to invest your refund, it’s also worth remembering that April 17 is the deadline to make contributions for the 2011 tax year to a Traditional or a Roth Individual Retirement (IRA) account. These types of accounts can provide tax benefits, including:

federal tax-free growth and tax-free withdrawals (for those investors meeting IRS requirements, like age)

the ability to deduct contributions on your income taxes now and pay the taxes when you make qualified withdrawals in retirement

For a complete list of state deadlines for tax returns and extensions, take a look at this list provided by efile.com.

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About the author

Christine Dunn has almost two decades of experience writing about finance and business issues. As founder and president of Savoir Media, she works with companies and executives on developing strategic, integrated media and marketing programs. Prior to starting her business, she worked at Bloomberg News, where she served as Boston Bureau Chief and ran industry coverage for several national teams of reporters, including consumer/retail, mutual funds and education. To reach her directly, email ChristineODunn@gmail.com or join her on Facebook at www.facebook.com/ChristineODunn.