 TITLE: Should I Use My Tax Refund to Pay Off Debt? CONTENT: Other Ways to Use Your Tax Refund\n---------------------------------\nPaying off debt isn't the only smart financial move you can make with your tax refund. Taxpayers who don't have an emergency fund—or whose emergency funds have taken a hit during the past year during the pandemic—may want to deposit their refund checks directly into savings. A high-yield savings account may earn you a bit more interest than basic savings at a regular bank.\nContributing to your retirement account is another option. You can add up to $6,000 to a traditional or Roth IRA in 2021—$7,000 if you are 55 or older. Don't want to tie your money up until retirement? You can also start or contribute to an investment account. END