FAQs

How will you protect and use my personal information?

If you are selected as a potential winner, you will need to submit proof of eligibility as outlined in our FAQs.  We do not require your social security number, savings product account and routing numbers, or any other personal information other than what we request in the weekly prizes and grand prize entry forms.  This promotion is sponsored by two non-profit organizations, Commonwealth and America Saves, that are committed to protecting your privacy and will not sell your personal information.  Please read our Privacy Policy for details.

Who is eligible to enter?

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.

Who is sponsoring this promotion?

The SaveYourRefund promotion is sponsored by a partnership between two non-profit, 501(c)(3) organizations, Commonwealth and America Saves.

Why are America Saves and Commonwealth sponsoring this promotion?

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!”

What are the prizes?

There are a total of 102 cash prizes: one hundred (100) prizes of $100 each and two (2) grand prizes of $10,000 each.

What are the start and end dates for the promotion?

SaveYourRefund begins at 12:01 a.m. ET on January 23, 2017 and ends at 11:59 p.m. ET on April 18, 2017.

When will winners be selected for the $100 prizes?
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

 

When will the grand prize winner be selected?

The grand prize winner will be selected and notified within 30 days of the promotion end date on April 18, 2017.

How do I enter?

There are two steps to enter the SaveYourRefund Promotion, beginning at the start of the 2016 tax season:

  1. First, enter to win a $100 prize: visit www.saveyourrefund.com on any computer or mobile device and complete an entry form.
  2. 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.

What is the IRS Form 8888?

IRS Form 8888 allows tax filers to conveniently and securely direct deposit their refund into two or more accounts. Tax filers can receive their refund faster than a paper check. Additionally, Form 8888 allows tax filers to purchase up to $5,000 in U.S. Savings Bonds (Series I).

How can I split my refund?

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.

What kind of accounts can I save in?

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.

Ok, I saved part of my refund in one of the qualified accounts. What should I do with the rest?

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.

What if I want to save all of my federal tax refund in one account?

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.

What if I already filed my taxes and saved using Form 8888?

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.

What if I already filed my taxes but did not use Form 8888 to split my refund into savings?

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.

How do I follow the promotion and receive updates?

You can receive information about winners and updates about the Promotion by following us on Twitter (@buildcommwealth).

Where can I find media materials (press kit, press releases, images, etc.)?

Please click here for media materials related to the SaveYourRefund Promotion. For additional information, interview requests and anything else you might need please email our public relations team at info@saveyourrefund.com.

Whom do I contact with further questions?

If you did not find an answer to your question in the FAQs or Official Rules please email us at info@saveyourrefund.com.

How do I submit a photo?

Photos can be submitted on our Grand Prize Entry Form

What should be in my photo?

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.

How will my photo be judged?

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:

  • Execution of theme as conveyed in the caption (50%)
  • Composition of photo (25%)
  • Connection of photo’s content to the caption (25%)
  • Should I add a caption to the submission?

    You may add an image caption of up to 250 characters.

    Can I send more than one photo?

    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.

    The “Enter SaveYourRefund” button takes me directly to the $100 prize entry form, but I already filled that out. How do I get to the Grand Prize entry form?

    Click here, or go the Enter page and see the text below the “Enter SaveYourRefund” button, which says, “Already entered to win $100 prizes? Click here for the grand prize entry form.”