Taxpayers Saved $2.4 Million Because Of SaveYourRefund

That’s a wrap! The 2019 tax season has ended and SaveYourRefund motivated nearly 3,000 taxpayers to save a portion of their tax refund. Through split deposit into multiple accounts and IRS Form 8888, over $2.4 million refund dollars were saved.

The incentivized tax-time saving promotion was incorporated into saving initiatives throughout the SaveYourRefund partner network of over 250 IRS Volunteer Income Tax Assistance (VITA) programs and over 800 tax sites across the country.

According to the SaveYourRefund entry form, 38 percent of taxpayers who entered the promotion saved because of the chance to win cash prizes. Incentivized tax-time saving works.

Daniel and Tina Rees have utilized several of the free tax sites offered by the Green River Asset Building Coalition in Owensboro Kentucky over the last nine years. This year, they were able to put a down payment on a “new to them” van, and still save a small portion of their refund, which qualified them for the SaveYourRefund contest! Daniel said, “Winning this $100 puts us that much closer to paying off the van without touching our new savings. Thank you!”

In partnership with Commonwealth, America Saves has been the co-administrator of SaveYourRefund for the past four years. SaveYourRefund awards taxpayers who save a portion of their refund throughout the tax season with $100 weekly prizes and will issue two $10,000 grand prizes in May 2019. Read the 2018 grand prize winner stories here.