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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 weekly prize or the grand prize, will I have to submit proof that I split and saved using Form 8888?
Individuals who enter SaveYourRefund through text message or web form and are chosen as potential weekly 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.
The SaveYourRefund Promotion is sponsored by a non-profit, 501(c)(3) organization, Doorways to Dreams (D2D) Fund, Inc. and is financially supported by the Annie E. Casey Foundation and the Ford Foundation.
D2D’s past work 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 weekly $100 prizes- increasing a $50 investment twofold- and a life-changing grand prize of $25,000- 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 101 cash prizes: one hundred (100) weekly prizes of $100 each and one (1) grand prize of $25,000.
SaveYourRefund starts on January 24, 2014 at 12:01 a.m. ET and ends on April 15, 2014.
There will be 10 winners drawn each week on the following dates: February 7, February 14, February 21, February 28, March 7, March 14, March 21, March 28, April 4 and April 11, 2014.
The grand prize winner will be selected and notified within 30 days of the promotion end date on April 15, 2014.
There are two steps to enter the SaveYourRefund Promotion:
- First, enter to win weekly prizes: visit www.saveyourrefund.com on any computer or mobile device and complete an entry form or text “SAVE” for English or “GUARDA” for Spanish to (646) 480-SAVE(7283) to submit your entry.
- 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 an optional caption of up to 140 characters, by uploading it here, texting it to 857-540-0359, or emailing it to firstname.lastname@example.org.
Do I have to enter to win weekly 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 weekly prizes AND the grand prize. If you only enter to win weekly prizes, you will be eligible to win weekly 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 weekly 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.
Any one of these products is ok: U.S. Savings Bond, Savings Account, Certificate of Deposit (CD), Individual Retirement Account (IRA), 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. PT on April 15, 2014! 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 online or via SMS text.
Photos can be submitted one of three ways.
- On our Grand Prize Entry Form
- Email to email@example.com
- Text Message (standard rates apply) to 857-540-0359
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. They are judged based on the following criteria:
- Content (25%)
- Composition (25%)
- Inspiration & Connection to Theme (50%)
You may add an image caption of up to 140 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.