The truth is that a tax refund is simply your own money, which you earned throughout the year, being paid back because you had too much tax taken out of your paychecks. Even though you worked all year to earn the money, you didn’t actually have access to it until the following April.
highlighting tax refunds and their hidden costs. Getting a big refund in April isn’t so great after all.“Tax time is a time when people are generally very excited to get a refund, and sometimes, unhappy to be paying taxes,” said AJ Smith, vice president of financial education at SmartAsset. “If you’re getting a refund in 2020, it means that throughout 2019, too much money was taken out of your paycheck by the government and now you’re getting that money back.
As you can see below, waiting to receive your refund in April might mean missing out on savings or investment interest, or paying more interest on debt, depending on how you’d choose to use the funds if you received them in your paycheck instead.Analysis by SmartAsset shows how much money you may lose out on throughout the year by waiting to receive a tax refund. The difference is even more dramatic if you consider compound interest.
For instance, according to SmartAsset’s analysis, receiving a $5,000 tax refund instead of getting that money in your paycheck and investing it in the market could cause you to lose out on $502 in returns. That’s nothing to sneeze at. But let’s say you’ve been happily getting your $5,000 refund for 20 years.
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