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Save more, pay less on your taxes

Start saving with myRA®, a new retirement savings account from the United States Department of the Treasury, and you may be able to claim the Saver’s Tax Credit


Learn how myRA works
Play video about my R. A. could help you save more, pay less at tax time

Become a saver and claim the Saver’s Tax Credit

myRA gives you a simple, safe and affordable way to start saving. And it’s easy to put some or all of your tax refund straight into your myRA with direct deposit.

When you save with myRA, you may also qualify for the Saver’s Tax Credit, which can actually lower your tax bill or increase your refund. Ask a tax professional or use tax software to see if you’re eligible. Eligible individuals can take the Saver’s Tax Credit by filing Form 8880 or working with a tax preparer.


Tax Professionals:
Check out our new and improved online toolkit created just for you! Visit myRA.gov/taxpro


Follow three simple steps to open a myRA and save some of your tax refund

  1. Set up a myRA account. Opening a myRA account takes just a few minutes. While the enrollment process is simple, don’t hesitate to call us at 855-406-6972 if you need help.

  2. fund your account screen
  3. Note your myRA account and routing numbers.  Be prepared to provide the myRA routing number (111925074) and your myRA account number. You will receive an email with your myRA account information, and it will be available onscreen near the end of the account creation process.  Take note of your account and routing numbers, as you’ll need those when you prepare your tax return.

  4. account information
  5. Direct your refund to your myRA account.
    • If you are filing paper forms, choose “direct deposit” as your refund method. Fill in your account and routing numbers and mark your account type as “savings” account. If you only want part of your tax refund deposited into your myRA, simply attach IRS Form 8888 Part 1 to indicate how you want your refund divided.
    • form 1040
    • If you file online or use tax software, follow the instructions provided.
    • If you are working with a tax preparer, provide your myRA account information and tell them how much you want to save.


Make your savings grow

Now that you’ve gotten started, you’ll want to make your savings grow. Sign in at myRA.gov to check your account balance. Once you’re signed in, consider adding to your savings on a one-time or recurring basis, and in whatever amount works best for you. Setting aside your refund is a great first step to building your savings. But you have the power to build it into something that will pay off in the future.

Last updated 11/15/2016