Lucky tax filers may reap additional rewards

Saving part of your tax refund may win you cash.

Many tax filers look forward to receiving a lump sum of cash during tax season. This may be the largest amount of discretionary cash that one receives in the entire year. The lure to spend the money is always present, but now there is an incentive to encourage saving.

A national promotion entices tax filers with a chance to win cash prizes by saving part of their refunds. The sweepstakes is called Save Your Refund, and is the creation of D2D (Doorways to Dreams). D2D is a nonprofit organization whose mission is to strengthen the financial opportunity and security of low- and moderate-income consumers by innovating, incubating and stimulating new financial products and policies.

To be eligible to enter, a tax filer must be over age 18 and due to receive a federal tax refund. They must be legal residents of the U.S. or have an ITIN (Individual Tax Identification Number). They are required to save $50 or more of their federal tax refund into a qualified savings product using IRS Form 8888

The sweepstakes runs from January 24, 2014 and ends on April 15, 2014. Tax Filers have a chance to win one of 101 cash prizes. There are one hundred (100) weekly prizes of $100 each and one (1) grand prize of $25,000.

To enter the SaveYourRefund sweepstakes:

  1.  For weekly prizes: visit www.saveyourrefund.com and complete an entry form or text “SAVE” for English or “GUARDA” for Spanish to (646) 480-SAVE(7283) to submit your entry.
  2. For 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 or texting it to 857-540-0359, or emailing it to .(JavaScript must be enabled to view this email address).

According to Michigan State University Extension, this sweepstakes is a win/win opportunity for taxpayers. They win by increasing savings and getting a chance to win additional funds which may increase their savings even more.

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