- Days left

This Game Is the Best Way to Gamble with Your Tax Refund

×
BDCXXR American currency falling  American; Currency; Money; Economy; cash; Invest; Stocks; Wealth; Banking; American; dollar; U
Alamy
Blowing your tax refund on lottery tickets is about the worst way to spend your annual windfall. But that doesn't mean you can't have any fun with the money you overpaid to Uncle Sam. The financially sound and fun thing is to save at least some of your refund and enter the SaveYourRefund contest.

Doorways to Dreams, the sponsor of the SaveYourRefund campaign, is a nonprofit financial innovation lab in Boston that develops strategies to encourage people to save. By the end of the tax season, D2D will have given out $35,000 in rewards to savers.

The campaign is open to any tax filer who completes IRS Form 8888 and sends at least $50 of their refund into "a savings account, certificate of deposit, IRA, prepaid card, savings bond or Treasury Direct account." There will be one $25,000 grand prize and 100 $100 prizes.

The campaign (a partnership between D2D, Intuit, Capital One and the Ford Foundation) is designed to encourage Americans to set aside money for emergencies or for future financial needs. According to D2D, the majority of Americans don't have enough savings to handle a job loss, unexpected medical bills or another emergency.

So if you are drawn to playing games of chance with your tax refund, this is one gamble where you are guaranteed to come out ahead -- even if you don't win a prize.

Michele Lerner is a Motley Fool contributing writer.

Increase your money and finance knowledge from home

How Financial Planners go Grocery Shopping

Learn to shop smart and save.

View Course »

How to Avoid Financial Scams

Avoid getting duped by financial scams.

View Course »

TurboTax Articles

A Brief History of Income Taxes

Did you know President Abraham Lincoln, one of America's most beloved leaders, also instituted one of its least liked obligations - the income tax? In this brief history of taxes, see the historical events which shaped income taxes in the United States today.

What Is a Schedule M IRS form?

Note: The content of this article applies only to taxes prepared for 2009 and 2010. It is included here for reference only. In order to take the making work pay tax credit, the IRS requires you to prepare a Schedule M with your federal tax return.

Video: Tax Filing Requirements for Children

Depending on how much money they made during the year, your children may very well have to file for taxes. Learn about tax filing requirements for children with help from TurboTax in this video on tax tips.

Add a Comment

*0 / 3000 Character Maximum