A recent survey of investors by John Hancock Financial Services found that half expect to receive a 2013 Federal income tax refund. Close to one in five (17 percent) plan to spend their refund, and the majority of that group (56 percent) plan to spend their refund dollars on a vacation. That's a significant increase from the first quarter of 2013, when only 36 percent said they planned to finance a vacation with their refund check.

Of the other refund spenders, 13 percent plan to treat themselves to a luxury item, up from nine percent in 2013, and one in seven (14 percent) plans to spend the funds on entertainment, down slightly from 17 percent last year. Others say they'll use the funds for basic household needs (23 percent), or to finance a big ticket item (nine percent).

Of those who aren't spending their refund check, 63 percent say they will funnel those dollars into a savings account. More than a quarter (29 percent) will pay down debt. A very small share (four percent) will contribute their refund to their employer-sponsored retirement plan, while 19 percent will invest it outside of employer-sponsored retirement plan.

Not everyone expects to get money back from the federal government. Thirty-one percent expect to owe taxes.