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Newsletter Article / Blog Post

For use in communications with tax professionals

Help tax filers put their refunds to work
Encourage them to invest in the future with myRA

Many people think about their finances during tax time, and IRS data shows that about three out of four tax filers receive federal tax refunds. As a tax preparer, you’re in a unique position to help your clients think about using their refunds to save. The U.S. Department of the Treasury’s myRA® retirement savings account makes it easy.

Visit myRA.gov/taxpro today for tips, tools, and materials designed especially to help you learn more about myRA and to share myRA information with your colleagues, networks, and clients.

What is myRA?
myRA is a starter retirement savings account that's a good option for tax filers who are looking for easy ways to save, especially if they don’t have access to retirement savings plans at work. myRA was created by the U.S. Treasury to make saving simple, safe, and affordablei:

  • It costs nothing to open an account, and there are no fees.
  • There are no minimum balance or contribution requirements.
  • There is no risk of losing money, and accounts safely earn interest.
  • It takes only minutes to sign up at myRA.gov/tax or by calling 855-406-6972.
  • You can direct all or part of your tax refund to your myRA account.

A myRA is a Roth IRA with contributions invested in a single U.S. Treasury savings bond. Key Roth IRA features include the followingii:

  • Savers may contribute a maximum of $5,500 ($6,500 if age 50 or older) annually in all of their Roth and traditional IRA accounts.
  • Because the contributions are made after-tax, they can be withdrawn, if needed, without tax or penalty.
  • Savers can choose to transfer or roll over their money to a private sector Roth IRA at any time. Account balances should be transferred to a private sector Roth IRA when they reach $15,000 (or after 30 years).
  • Income limits apply. Savers can contribute to a Roth IRA if in 2016 they earned below $132,000 ($133,000 for 2017) if single, and $194,000 ($196,000 for 2017) if married filing jointly.

Help Clients Save More, Pay Less in Taxes
With myRA, not only can you help people put their refunds toward a brighter future, but you can also help eligible filers claim the Saver’s Tax Credit, which can increase their refunds or lower their tax bills. Individuals may be eligible if they contribute to certain types of retirement savings accounts, like myRA, and meet certain income requirements. Learn more at myRA.gov/roth-ira.

Even More Reasons to Save
The SaveYourRefund campaign is back! Offered by Commonwealth and America Saves, the SaveYourRefund campaign provides incentives for Americans to save at tax time. By splitting and saving portions of their refunds, SaveYourRefund entrants have a chance to win one of 100 cash prizes and enter a photo contest to win the $25,000 grand prize. And it's all to motivate Americans to save for their future. Learn more at myRA.gov/taxpro.

How can you help your clients save this tax season?
Help tax filers make the most of their federal tax refunds by following these simple steps. Visit myRA.gov/taxpro to access free informational and promotional resources we’ve created with you in mind.

  1. Set up a myRA account. Saver opens a myRA account at myRA.gov/tax or by calling 855-406-6972, selects the option to fund the account with the tax refund, and notes their myRA account number and routing number (111925074). Information needed to begin enrollment:
    • Email address
    • SSN (ITIN can be used - Must call myRA customer support center)
    • Driver's license, state ID, U.S. passport, or military ID
    • Name and birth date of at least one beneficiary
  2. Send the tax refund to the myRA account. When preparing the tax return, saver chooses to directly deposit their refund and provides their myRA account number and routing number. "Savings" should be indicated as the account type. IRS Form 8888 is submitted if only part of the tax refund will be deposited.

  3. Make savings grow. While the tax refund is a great way to jump start or boost personal savings, an account holder should consider setting up regular contributions. Account holders can save up to $5,500 ($6,500 if you're 50 or older) annually in all of their Roth and traditional IRA accounts, including myRA.

Tax time is a great time to think about saving. Visit myRA.gov/taxpro to access free informational and promotional resources to help you learn and share information about myRA.



i Accounts earn interest at the same rate as investments in the Government Securities Fund, which returned 2.04 percent in 2015 and had an average annual return of 2.94 percent over the ten-year period ending December 2015.

ii Annual and lifetime contribution limits and annual earned income limits apply, as do conditions for tax-free withdrawal of interest. To learn about key features of a Roth IRA and for other requirements and details, visit myRA.gov/roth-ira.

Last updated 01/12/2017