- About The Promotion
- Entering SaveYourRefund
- Receiving Updates and Materials
- Splitting and Saving Your Refund
All tax filers over age 18 who are due a federal tax refund, are legal residents of the U.S. or ITIN-holders, and split $50 or more of their federal tax refund into a qualified savings product using IRS Form 8888 are eligible to enter.
If I win a $100 prize or the grand prize, will I have to submit proof that I split and saved using Form 8888?
Individuals who enter SaveYourRefund through the web form and are chosen as potential $100 prize or grand prize winners must provide proof that they split and saved their refunds by sending the promotion sponsor a copy of their Form 8888.
If I prepared my tax return jointly with my spouse and/or claimed dependents, do we all qualify to enter the promotion?
No. Only one person listed on each tax return can participate in SaveYourRefund.
Research on prize-linked savings has shown that the opportunity to win a prize – even a prize of modest value – can energize and motivate people to save. As the $90 billion US gaming industry attests, a chance to win allows us to dream, imagine, and aspire – and pairing prize incentives with financial actions can infuse saving, an act often viewed as self-denial, with more immediate reward, surprise, and possibility.
The SaveYourRefund Promotion marries these ingredients – tax-time opportunity becomes a conduit for the fun and excitement of winning. The chance to win one of ten $100 prizes- increasing a $50 investment twofold- and two life-changing grand prize of $10,000 each- more than 500 times a $50 investment- motivates tax filers. With the SaveYourRefund Promotion, filers truly can “save small, and win BIG!”
There are a total of 102 cash prizes: one hundred (100) prizes of $100 each and two (2) grand prizes of $10,000 each.
SaveYourRefund begins at 12:01 a.m. ET on January 23, 2017 and ends at 11:59 p.m. ET on April 18, 2017.
|Sweepstakes Drawing Date||Entry Deadline|
|February 10, 2017||February 6, 2017|
|February 17, 2017||February 13, 2017|
|February 24, 2017||February 20, 2017|
|March 3, 2017||February 27, 2017|
|March 10, 2017||March 6, 2017|
|March 17, 2017||March 13, 2017|
|March 24, 2017||March 20, 2017|
|March 31, 2017||March 27, 2017|
|April 7, 2017||April 3, 2017|
|April 24, 2017||April 18, 2017|
The grand prize winner will be selected and notified within 30 days of the promotion end date on April 18, 2017.
There are two steps to enter the SaveYourRefund Promotion, beginning at the start of the 2016 tax season:
- First, enter to win a $100 prize: visit www.saveyourrefund.com on any computer or mobile device and complete an entry form.
- Second, enter to win the grand prize: take a photo that represents your savings goal or your motivation to save. Submit the photo, along with a caption of up to 250 characters, by uploading it here, or by texting SAVE to 313131 and following the instructions.
Do I have to enter to win $100 prizes AND the grand prize? What happens if I enter to win just one of the two?
The only way to be eligible to win the grand prize is to enter to win the $100 prizes AND the grand prize. If you only enter to win $100 prizes, you will be eligible to win those prizes only. If you only enter to win the grand prize, you will NOT be eligible to win ANY prizes.
My bank/card company/financial institution told me to mark the account I saved in as a checking account on Form 8888. Your website says that account counts as a savings product for SaveYourRefund. I’m confused- how do I enter this information on the entry form for $100 prizes?
It’s important to follow the instructions you were given by your bank/card company/financial institution when you fill out Form 8888. Not doing so could interfere with the proper transfer of funds.
However, for the SaveYourRefund promotion entry form, we want you to select the “Savings Account/Prepaid Card” radio button, not the “Checking Account/Paper Check” radio button, for any savings account, certificate of deposit (CD), prepaid card, or IRA that you saved money into. Don’t worry if the way you characterize your accounts on our entry form doesn’t match what you wrote on Form 8888 exactly- if you’re selected as a winner, we’ll be able to double-check that you saved in the correct type of account.
Remember that you must split your refund when you file your taxes to qualify for the SaveYourRefund promotion. This process can be different depending on how you get your taxes prepared, so read more below to find out how it works for you.
Filing your Own Taxes
TurboTax: When you’re reaching the end of the series of TurboTax screens, you’ll be prompted to enter direct deposit information for as many accounts as you want. Here, you’ll want to save at least $50 in a Qualified Savings Account and the rest of your refund into a different account or paper check. TurboTax will fill out Form 8888 on the back-end using your information. Click here to learn how to print Form 8888 in Intuit’s TurboTax. Click here to learn how to purchase U.S. Savings Bonds in Intuit’s TurboTax.
Other Online Tax Preparation Software or Paper Filing: Use Form 8888 to split your refund, saving at least $50 in a qualified savings account. These links will take you to some popular tax preparation software websites: H&R Block, TaxAct, Tax Slayer.
Having a Tax Preparer File your Taxes
Free Tax Preparation Site or Paid Tax Preparer: Ask your tax preparer to use IRS Form 8888 to split your refund into at least two different accounts, with at least $50 in a Qualified Savings Account.
You can save in any one of these products: U.S. Savings Bond, Savings Account, Certificate of Deposit (CD), Individual Retirement Account (IRA), 529 Educational Savings Account, TreasuryDirect Account, or a Prepaid Card. See Official Rules for details.
Look at Form 8888 to read about all of the different types of accounts you can split your refund into, and remember that you can also receive part of it in a paper check.
Unfortunately, you won’t be eligible to win SaveYourRefund’s prizes if you do that. You must split your federal tax refund into at least two different parts, and one of those parts must be at least $50 that you save in a qualified savings account.
If you learned about the SaveYourRefund Promotion after filing your taxes and saving a portion of it using Form 8888, you can enter anytime until 11:59 p.m. ET on April 18, 2016! See our Official Rules for entry.
If you learned about the SaveYourRefund Promotion after filing your taxes and did NOT save a portion of your refund using Form 8888, unfortunately you are not eligible to enter the SaveYourRefund Promotion.
You can receive information about winners and updates about the Promotion by following us on Twitter (@buildcommwealth).
Photos must represent your savings goal and/or what motivates you to save. Be creative! You must own all the rights to your photo; stock photos will not be considered.
Photos must represent your savings goal and/or what motivates you to save–this is the theme of the photo contest. Photos are judged based on the following criteria:
You may add an image caption of up to 250 characters.
Please do not send more than one photo submission as only one submission per person is allowed at this time. Additional submissions will not be considered.