Dollars and Sense: Where to invest your tax return no matter how small it may be this year [Video]

RENO, Nev. (KOLO) – Earlier this month, the IRS announced that tax returns in 2024 could be about 24% less than the year before. The average refund issued through Feb. 2, 2024 totaled $1,395, but during the same time period in 2023, refunds averaged $1,963.

However, no matter how big or small your tax return is this year, there are still ways to invest that money to benefit you and your family in the long run.

Edward Jones financial advisor, Ashley Hicks, stopped by Morning Break to share some ideas for how to make the most of your tax return.

• Contribute to your IRA. If you were to receive about $2,750, it would go a long way toward funding your IRA for the year — but any amount would help. You still have until April 15 to contribute to your IRA for the 2023 tax year, but if you’ve already “maxed out” on it, you could use your refund for 2024, when the annual …