4 Ways to Save Your Tax Refund

IRS Volunteer Income Tax Assistance ProgramTND has a financial services advocate volunteer position that is staffed by various banks when we're open for taxes. They can help people open bank accounts. Before you
Savings Account

The classic -- maybe the most basic and common way to set money aside for savings. This is a bank account that you can get at almost any bank. The difference between it your checking account and a savings account is that you earn interest.

myRA

Retirement savings account for low income folks

myRA is a simple, safe, affordable way to start saving for retirement. Open a myRA, build up savings, then move on to other investments. myRA® is designed to make saving for retirement easy for people who need it most – workers who don’t have access to a retirement savings plan at their job or lack other options to save.

 

529 college savings

A 529 plan is a tax-advantaged savings plan designed to encourage saving for future college costs. 529 plans, legally known as “qualified tuition plans,” are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code.

Savings Bonds

U.S. Savings bonds are debt securities issued by the U.S. Department of the Treasury to help pay for the U.S. government’s borrowing needs. U.S. savings bonds are considered one of the safest investments because they are backed by the full faith and credit of the U.S. government.

We hope at a minimum people are learning that these types of accounts exist  even if they aren't ready to open one that day. Within the tax software they can purchase savings bonds with their refunds and hopefully put some of that refund into a savings account.

IRS Volunteer Income Tax Assistance Program (VITA)

Just because you know that there are options, doesn’t mean you can navigate the US tax system. That’s where VITA (Volunteer Income Tax Assistance) comes in. If you have low- or moderate income and you live in the Boston Metro area, call the Neighborhood Developers: