- 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

Understanding Credit Scores

Credit scores matter -- learn how to improve your score.

View Course »

Introduction to Retirement Funds

Target date funds help you maintain a long term portfolio.

View Course »

TurboTax Articles

Ways To Increase Your Tax Refund You Never Thought About

Laying the groundwork for a tax refund requires some simple tax planning, a little research and some forethought. Reviewing your tax status, consulting your spouse when filling out your W-4s and taking advantage of several tax credits can help you increase your tax refund. TurboTax also can help decide which credits can get you the biggest refund.

What Extra Tax Deductions Should I Make Sure To Take?

The federal government offers tax deductions and credits to reduce taxable income under certain circumstances. There are several that are often overlooked, including deductions for job hunting, caregiver expenses for dependents and children while you work, a credit to reduce taxes for moderate- to low-income earners and the premium tax credit associated with the Affordable Care Act. TurboTax can help determine if you qualify for these credits and deductions.

8 Things You Think Are Tax Deductible That Aren't

There?s a fine line between looking to save money on your taxes and taking deductions that will raise eyebrows at the Internal Revenue Service. Some taxpayers are tripped up by expenses that they assume are tax deductions, but don?t qualify under IRS guidelines. Here are a dozen items that can lead to unpleasant surprises in case of an audit.

9 Things You Didn't Know Were Tax Deductions

Few realizations are more painful than realizing that you forgot to include a tax deduction that would have lowered your tax bill or increased your tax refund on your tax return. Here are some tax deductions that you shouldn't overlook.

Add a Comment

*0 / 3000 Character Maximum