Doorways to Dreams Fund Promotes Tax-Time Savings with SaveYourRefund, some Winners Selected: U.S. Taxpayers Have Until April 15 to Save Part of Tax Refund and Win Up to $25,000
BOSTON, Mass., April 8, 2013 /3BL Media/ - Nine entrants in the first-ever SaveYourRefund tax time savings promotion that started Feb. 1, came out way ahead after saving part of their federal tax refund. After random drawings, each of the winners received a prize of $250 for splitting his or her refund using IRS Form 8888.
The Boston-based nonprofit Doorways to Dreams Fund (D2D) created SaveYourRefund as part of its mission to strengthen consumer financial security. Tax filers over age 18 who save at least $50 from their federal tax refund, by splitting their refund using the IRS’s Form 8888, can enter online at http://www.saveyourrefund.com or via SMS text messaging until April 15. Late filers can still enter if they use Form 8888 to file their taxes.
Nine SaveYourRefund winners that have shared their stories are Michael Perry of Glen Allen, Va; “J.B.” of Cambridge, Mass.; John Rawlins of Tucson, Az.; James McAnulty of Belleville, Ill.; Sofya Leonova of Washington, D.C.; Amanda Coffing of Romney, Ind.; Rebecca Boyle of York Harbor, Maine; Annette McCollin of Cambridge, Mass., and; Tezurra Gooding of Morrisville, N.C.
So far, sweepstakes entrants have reported saving about $632,233.00, including $67,000 in U.S. Savings Bonds, said Timothy Flacke, executive director of D2D.
“Winners say that the sweepstakes played a part in their decisions to save,” Flacke said. “We wanted to give people an incentive, and also make saving fun and less mundane.”
SaveYourRefund has a $35,000 prize purse, including a $25,000 grand prize and weekly drawings totaling $1,000. Those who file their taxes as Tax Day nears are still able to enter for a chance to win one of the weekly prizes and the grand prize.
Americans receive more than $300 billion in tax refunds from the Internal Revenue Service every year. For working families, federal refunds are often the largest lump sum of income they receive, Flacke said.
Indiana winner Coffing, 29, said she used an online tax preparation service this year. After learning about the sweepstakes and Form 8888 through her employer, she decided to start saving for a down payment for her first home.
“I didn't know you could split your refund into different accounts,” she said. “The incentive of the sweepstakes really gave me the push I needed to do it.”
Other winners, such as James McAnulty and Sofya Leonova, were equally unaware of their ability to split their refund; in previous years they directly deposited their tax refunds into one account and later transferred a portion to another account.
On the other hand, a few winners purchased U.S. Savings bonds with their tax refunds and many of them shared lessons they’ve learned about savings from family. Michael Perry, who purchased bonds for his three children’s educations, believes it is important to pass on the importance of saving and investing to his family. J.B. and McCollin- both of Massachusetts- also purchased savings bonds for their children.
Learn more about the new winners at https://www.saveyourrefund.com/winners.
For more information about the Save Your Refund Sweepstakes, visit http://www.saveyourrefund.com.
About IRS Form 8888
Since 2007, tax filers have had the option to send part of their federal refunds directly to a savings product through a "split refunds" option available on IRS Form 8888. Beginning in 2010, on this same form, refund recipients could request that a part of their refunds be issued in inflation-protected U.S. Savings Bonds--either for themselves or for others (including children).
About Doorways to Dreams Fund
The Boston-based Doorways to Dreams Fund (D2D), a non-profit founded by former Harvard Business School professor Peter Tufano, has long championed savings bonds as a tool for helping low-and moderate-income savers. D2D's mission is to strengthen the financial security and opportunity of low- and moderate-income consumers, and the organization views encouraging saving as a critical strategy to advance that important mission. For more information, visit http://www.d2dfund.org.
Contact: Preeti Mehta, Doorways to Dreams Fund