Expecting a Tax Refund This Year?
Make tax time saving work for you.
Are you expecting a tax refund this year? If so, you’re not alone. About three in four tax filers receive federal tax refunds, according to IRS data. And if you’re like most people, you probably already know how you’ll spend it.
Maybe you’re planning to use your refund to pay down debt, buy necessities, or even splurge on a luxury. Here’s an idea: Give yourself the gift of a more secure retirement by saving all or part of your refund in a myRA® account. You’ll thank yourself later.
- As a flexible savings option with no minimum balance or contribution requirements, myRA makes it easy to get started on the path to saving.
- The sooner you get started, the more you could save. If you’re already saving for retirement, myRA can be part of a larger saving and investing strategy.
- myRA carries no risk of losing money, and your account will safely earn interest.
- Money you contribute to your myRA could qualify you for the Saver’s Tax Credit, which could help lower your taxes or increase your refund. Learn more at myRA.gov/roth-ira.
Invest in your future today
A tax refund can give you some financial breathing room, but it only arrives once a year. Don’t miss the opportunity to spend it on something that will pay off in the future. You’ll have peace of mind knowing that you’re putting a one-time payment to work for you.
How much should you save?
With myRA, you can enjoy the flexibility of contributing any amount that fits your budget. It costs nothing to open a myRA account, and there are no fees, minimum contributions, or minimum balance requirements. Consider saving half of your tax refund – it’s easy to split and directly deposit part of your refund to your myRA account when you file your taxes. Visit myRA.gov/tax to learn how.
Already filed your tax return? You can still start saving by opening a myRA account and setting up regular contributions from your checking or savings account.
Already saving with myRA? Consider giving your balance a boost by saving a portion of your tax refund in your myRA when you file your return.