Can a big tax refund be a bad thing? Experts weigh in.
The deadline to file your taxes is now just weeks away on April 15.
Tax experts say the sooner you file, the sooner you get that refund, if you have one coming.
The average refund amount this year is more than $3,300, according to the IRS. But while many look forward to that big chunk of money, some argue a big refund isn't always a good thing.
After all, tax refunds aren't free money — it's the taxes you overpaid, so you could view it as money you should've had throughout the year.
CBS News business analyst Jill Schlesinger
told CBS Mornings
big refunds are often a result of people giving up too much from their paychecks to taxes.
She advises you should make some changes if you get a large refund.
"If you get a big refund, one nice thing to do would be, 'Hey, let me change my withholding, let me hold on to my money during the year,'" she said. "Keep your money!"
You can adjust your withholding by submitting a new Form W-4 to your employer. The IRS recommends using its
online withholding estimator tool
to determine how much you might owe or be refunded depending on your withholding amount.
The idea is that withholding less frees up money you can instead invest, save in a high-yield account, or use to pay down debt throughout the year.
But Jackson-Hewitt Chief Tax Officer Mark Steber warns you could also wind up
withholding too little
and that can lead to penalties. For that reason, he says most of his clients prefer to bank on getting money back.
"Most people with big refunds spend them wisely, most people with an extra 50 bucks in their pocket on Friday, they're not putting that in a managed index fund or a Roth IRA," he said. "They're treating themselves to something nice, which is fine, but I see far more people come in at the desk, they get a zero refund, or worse, they owe $1,500. Much more problematic in their life."
Ultimately it's about finding what works best for you.
Half of adults
surveyed
who expected a refund last year said they planned to save some of it, while one-third said they'd use it to pay off debt. The survey was conducted by the National Retail Federation and Prosper Insights & Analytics.
E-filing is the quickest way to get your refund. Despite staff cuts at the IRS, the agency says filing electronically and opting to have your refund directly deposited into your account takes about 21 days on average.
Within 24 hours of e-filing, you can use IRS.gov to check your refund status with the
"Where's My Refund?" tool
. If you file a paper return it could take up to four weeks.
Do you have a money question, a consumer issue, or a scam story you want to share? Email InYourCorner@cbs.com.
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All of the coffee spots I go to are locally owned and ethically sourced so I enjoy it guilt-free, sort of. $8 7 p.m. — I take a train back to my apartment ($2.90). I realize that my roommate and I are low on quite a few things, starting with kitchen stuff. I have some time so I pick up some oil and vinegar from the nearby store and split the cost ($10 for my share). $12.90 9 p.m. — Once I'm home I have to set my bed back up. I do my skincare routine which I keep simple (double cleanse with Josie Maran oil cleanser and Vanicream cleanser, sometimes I apply chemical exfoliant toner, then Laneige water mask and lip balm), brush and floss my teeth, and read my book of choice for the month. I'm reading Can't Hurt Me by David Goggins which is a page-turning read. I watch another anime — this time it is a romcom because I'm in a mood and the protagonist is relatable af (Kaichou wa Maid-sama, anyone? Where are my OGs?!). I watch this much longer than I should and end up falling asleep after midnight. No regrets. Daily Total: $35.33 Day Four: Sunday 9 a.m. — Wake up naturally today and lounge in bed for awhile. I bought a new duvet cover this month which has been incredible. It's the Quince sateen duvet cover in the clay color and it's breathable and comfortable. For some reason the first thing I remember to do is to finalize some plans with other people, so I pay for an event I am going to attend next weekend from my phone. Then I sign up for next month's Meetup club. It's a career networking event that I adore, and it's a lot less stuffy than your average networking event. I leave my bedroom at last and wash up via my morning routine and then prepare my breakfast. Of course I make my standard coffee and then I prepare an avocado toast with brioche bread, hummus, and an egg on top, plus various Trader Joe's seasonings. $10 2 p.m. — I take the train and a transfer to get to a different part of the city for a workout class (I prepaid for it through a ClassPass trial for $5). This one is a lifting-based strength class called Liftonic and I surprisingly love it. For the rest of the day I walk around the city as if I have the biggest wedgie because I'm that sore, but it's a growing pain. $10.80 5 p.m. — I get home to refresh and get ready to meet friends for a comedy show at one of my favorite local bars. I put on a pair of straight-leg jeans and a cute tank top with a light optional layer on top. This comedy show features a local millennial comic speaking to us for an hour about her experiences growing up broke in New York and she really bonds with the audience. The entire show is themed around the Asian immigrant experience and it's a riot. We have a lot of fun and I spend extra time here alone afterwards to unwind. I order my favorite things: a specialty hot dog with ketchup, mustard, and jalapenos and a basket of fries with the skin on and garlic aioli on the side. Then I whip out my laptop to free-write and read. $26 Daily Total: $46.80 Day Five: Monday 8 a.m. — Back to the grind! Picked out my work outfit last night. This time I'm wearing an Australian merino wool grey cardigan from Quince, heavyweight black pants from Aritzia, and a teal high-neck tank top from Old Navy. Then I start my commute to work. I'm blindsided by train delays and a packed train, which dampens my start to the day. I enjoy maple oatmeal when I get to the office, since I didn't have time to eat. $2.90 (Expensed) 10 a.m. — I randomly remember that I still need to pay my accountant and I quickly get that done. $150 12 p.m. — During lunch I head outside with my food in hand. Today I packed some fresh fruit (blackberries, strawberries, and green grapes) with the idea of sitting at a local park. I get a random craving for a pumpkin spice chai which is pretty tragic for me, because it's spring in New York (if I could, I would splurge on the best at-home coffee and tea setup). I settle in with my book and spend half an hour by the water reading and watching a family of ducks wander across the pond. 5 p.m. — After work I head to the bank; I try to keep cash on hand constantly in singles to give to people in need as I navigate the city. Plus I need to get a single check in order to pay a specific tax — they throw in an envelope which makes my life easier but I leave mildly confused about why a single temp check costs something. $31.50 6 p.m. — I deal with some tax and money stuff I've been putting off. But I have a happy hour later, so I figure now is a better time than any to rip off the bandaid. I spent the past year saving for tax time, anticipating and dreading a huge bill due because of NYC taxes. To my pleasant surprise it was much better than I anticipated, but I still owe. I use the money I had 'left' to max out my Roth IRA in 2024. $1,600 7 p.m. — I head to a bar after work for a small social/happy hour. I'm buzzing over the happy news I got about what I owe for tax season. I get a mojito that had so much muddled mint it made my soul happy. I unexpectedly make a new connection at this social and we bond — and debate — over Gilmore Girls. We agree vehemently that it's great but she's shocked by how I stopped watching mid-way and refuse to pick it up again. In my defense, this is when Rory starts to go downhill. Little does this girl know that I have some of the biggest hot takes (or so I'm told) when it comes to media and I own them. I just don't see a point in agonizing over a series of Rory's bad choices so I don't, and it'll pain me to watch it happen. Still, I have a good time with this girl and she happily confirms all of the spoilers I thought I knew. $8 10 p.m. — I take the train back to my home area and wrap up my day there. I spend some time on a walk and jump on a phone call with a friend and others. $2.90 (Expensed) Daily Total: $1,789.50 Day Six: Tuesday 8:45 a.m. — I head out on my work commute, more frazzled than usual because my phone died overnight and I am running behind schedule. I didn't have time to eat breakfast but bless past-me, she made espresso ahead of time so that I only had to put the ingredients of my favorite coffee together. Then to my massive annoyance, the train makes an emergency stop and I am stuck for 20 more minutes. I'm big on reputation and commitment; if I said I would be somewhere I want to follow through on that and it stresses me out when I don't. $2.90 (Expensed) 10:30 a.m. — The start to my morning was rough. I'm so tired I can't keep my eyes open — but breakfast is served at the office, which is a pick-me-up. It's late, but I enjoy a hearty bagel that's as big as my mouth. Without going into details on the client, I'm texting a friend who is super excited about the fact that I am surrounded by an ecosystem of super successful (and eccentric) partners as well as 'men in finance'. I think she wants me to have a meet-cute. There's a weird mythologizing of this world that I don't really get, especially after some of the things I've overheard while being here. 12 p.m. — I am productive through the morning and spend my lunch break outside. For whatever reason I'm not hungry and decide to get a coffee instead as a treat. I enjoy a butterscotch latte with a few regrets (it was too milky for my tastes — a classic flat white is usually my go-to here). I enjoy it nonetheless and sit outside in a beautiful area to people watch. $8.71 3:30 p.m. — It's terribly slow in the office and sitting at my desk watching paint dry feels horrible. I have ADHD and tend to get stir-crazy so I get up and explore the building. I find a lower floor which has a nice decked-out lounge. A coffee corner, pool tables, TVs, areas to sit, a gym (!?), luxurious shower/bathroom, and my favorite, the reading corner. I realize it makes sense given that most people have to work super late and early days, sometimes weekends. But I swear, the book nook is like a dream. It's nothing spectacular, it's literally a single book shelf with a coffee table and a lounging chair in the corner of the lounge with the cutest little details like a fur rug and rose quartz coasters. But it's in a private nook, cordoned off by a giant pillar of the wall. The lounge chair is deep and the back is to the pillar, so it's private, and the books available are top notch. I find Viola Davis' Finding Me and a book about military strategy tactics by Jocko Willink which grabs my attention. Yes, the introvert in me is in heaven right now. 5 p.m. — I take the train to Manhattan from my office to meet someone for wine tonight. Along the way there's this antique bookstore that claims to sell rare books — I finally relent and stop by. $2.90 (Expensed) 6 p.m. — I meet a new friend (hopefully) at a new wine bar that opened up recently. We met at that career event I attended. We really hit it off there and bonded over our shared experiences so we agreed to meet and continue the conversation. Part of the event was all about sharing our personal stories and how we got to where we are, and the two of us shared similar stories of what we've survived, such as family and culture dynamics and abusive relationships. Individually we told snippets of our story from a place of how far we've come and grown and we both had a moment after we speak. We met eyes and we both just got each other — so I'm happy to have an opportunity to talk with her again, but I just want to get to know her more as a person. We're blown away by the place and the intentional decor, by the super kind barista who gave us way too many samples of wine, and we share laughs about how to eat this giant artichoke. When we're done, I commute back to my home area. $44.90 Daily Total: $53.61 Day Seven: Wednesday 8 a.m. — Morning commute to the office after my morning routine. This time I woke up before my alarm! From the last two days I have learned quite a few ways to create a pleasant morning. Like, there is a certain time I should start my commute to barely miss the commute crowd. I've also learned to prep my lunch and coffee the night before to help minimize the impulsive snack purchases for coffee in the morning. I opt to eat oatmeal in the office with a glass of chamomile tea. Today it's a rare perfect weather day so I try out my new maxi skirt from Quince — it's a pretty sage color and has tiers. I pair it with a basic white long sleeve and a Quince merino wool pullover (clearly I am a Quince girlie) and head out. $2.90 (Expensed) 11 a.m. — While I'm at work, my roommate texts to let me know they've done a big restock of home and kitchen essentials. We were low on everything, including toilet paper, paper towels, hand soap, and trash bags, among others. They've got everything we need this time, since they are working from home, and we split the cost. $36.71 12 p.m. — I make a good chunk of cash selling my Freja Paloma tote that I no longer want. It's just too bulky for my personal tastes — it suits me perfectly but I feel like I'm knocking into other people on the train with it. Plus I want a tote that is one pound lighter at least, so that I can stuff it full and not feel like my shoulder is coming off by the end of the day. So I make a quick escape to meet up with the person to sell it. I'm so relieved to have the item gone because it was taking up space, and clutter is a pet peeve of mine — that's why every quarter I do a massive spring clean. Thankfully the buyer agreed to meet me near my office so that I can return to work. 5 p.m. — I take a train from work to end my working day, but not without grabbing a muffin as my commuting snack. $2.90 (Expensed) 7 p.m. — I decide to try another new workout class (pre-paid earlier this month through Classpass trial for $5); this one is some hybrid of cardio and HIIT which makes me regret all of my life choices after I leave that sweaty room. There's this one girl who is jumping from station to station in cute workout gear; she's breaking a sweat but she doesn't look too pressed at all in terms of exertion. I admire her physical stamina after the class and think about what I can do to bring myself to a level similar to that. Then I grab a quick dinner with a friend at a local cafe that specializes in Jamaican food. $14.35 8:20 p.m. — I jump on a phone call with my parents, who I haven't talked to for a while. We catch up and stay on the phone for an hour — they tell me more about the hot weather in the area they're in currently (out of state) and we talk about the most random things, from new perfumes my mom was looking at as a treat for herself to new recipes I should or shouldn't cook. Little does my mom know that I secretly bookmark the perfumes she lists so that I can buy her one for her birthday coming up soon. (Spoiler alert: Outside of this weekly review, future-me surprises mom on her birthday with a large sized perfume and she cries happy tears.) She's my person (Grey's Anatomy!) and my favorite human in this world. She's also just the best person I've ever known — ethics, morals, a heart of gold, good intentions, you name it. She's the one who instilled a highly sustainable lifestyle into me. Every time I don't recycle or waste something needlessly, I think about her. I make a cup of my favorite honey lemon ginger tea and curl up with a book beforehand. $22 The Breakdown Conclusion 'As I look at this a few weeks later, I can think of so many ways my situation has changed. This project ended, my routine is different again because I'm not commuting into the office everyday, and I'm apartment hunting. I enjoyed this exercise because I'm working on coming out of my shell and sharing more of my story. I've already been tracking my expenses for a few years now so this is nothing new. I have a personalized finance dashboard where I track every expense as well as monthly and annual reviews and an onslaught of other features. Looking at how I've done historically and visually seeing my progress has been the biggest motivator to keep making the tough choices with my money. I'm not surprised by my food and drink spending, and recently I've resolved to cut it in half. I can afford it but I refuse to accept it. I hope to pour that money into health, experiences, and my future. This reflection and apartment hunting made me realize that I want to be more free and less bound by stuff so I've been on a spring cleaning rampage. and I've sold at least $700 in items in my effort to spring clean. By cutting out spending and physical clutter where I don't need it, I hope I can free up mental and physical energy to pursue things that really matter. But I love to write and really enjoyed this exercise, and am curious personally as to how I could continue to do stuff like this, such as blogging — if people would want to dive into that with me, of course.'
