U S Department of Treasury : Turn Your Tax Refund Into More With Myra

WASHINGTON- As the 2016 tax season gets underway, the U.S. Department of the Treasury encourages Americans to consider using their federal tax refunds to boost their retirement savings. Certain incentives are available for eligible taxpayers who choose to save, and the U.S. Treasury's new myRA (my Retirement Account) can help those who lack long-term retirement savings options.

'Tax time is an important opportunity to think about your finances and plan for your future,' said U.S. Treasury Secretary Jacob J. Lew. 'It's also a great time to start saving with myRA, Treasury's new simple, safe and affordable retirement account designed for individuals without an employer-sponsored retirement plan. If you're receiving a tax refund this year, you can jumpstart your savings by putting some of your refund into your myRA. It's easy to get started at myRA.gov - you'll begin earning interest on your deposit immediately and you can watch your savings grow over time.'

myRAis a new opportunity to save and, for eligible individuals, there are additional advantages to saving federal tax refunds. Taxpayers will want to keep in mind the following tips as they prepare for tax time:

Jumpstart Retirement Savings:Launched nationally in November, myRA is a simple, safe, and affordable savings option designed for Americans without access to a retirement savings plan at work. Savers can sign up for accounts in minutes at myRA.gov, and then easily contribute part of their tax refunds by simply marking the 'Savings' box in the refund section of their tax returns, choosing 'Direct Deposit' as the refund method, and providing their myRA account and routing numbers. Taxpayers can also work with their tax preparers to move through this process. myRA account holders can also add savings to their myRA accounts directly from bank or credit union accounts or from their paychecks.

Determine Eligibility for the Saver's Credit:myRAis a Roth IRA that allows eligible tax filers to claim the Saver's Tax Credit while saving for retirement. Individuals who contribute to a Roth IRA with modified adjusted gross income below certain levels (for 2015, $61,000 if married filing jointly, $45,750 if head of household, $30,500 if single) may be eligible to claim a Saver's Tax Credit for their contributions. The amount of the Saver's Tax Credit can be 50 percent, 20 percent, or 10 percent of retirement contributions up to $2,000, depending on income and filing status.

Participate in the SaveYourRefund Program:Offered by America Saves and the Doorways to Dreams (D2D) Fund, SaveYourRefund incentivizes individuals to save with their tax refunds. Taxpayers who choose to save portions of their refunds will have the chance to win one of ten $100 weekly prizes and a $25,000 grand prize. To enter the promotion, taxpayers simply need to save at least $50 of their federal refunds in qualified savings accounts, such as myRA accounts, through IRS Form 8888, and then fill out a short entry form. For more information and details, visit saveyourrefund.com.

Additional details, fact sheets, and testimonials are available at myRA.gov.

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