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Frequently Asked Questions

Frequently Asked Questions

Who is eligible to enter the SaveYourRefund Sweepstakes and Grand Prize Contest?

The Save Your Refund Sweepstakes and Contest will be open to U.S. residents who are 18 years old or older and satisfy a low-income participation and savings documentation requirement.

Income limits for eligible entrants by household size:

Household Size Income Limit
1 $32,000
2 $43,000
3 $54,000
4 $66,000
5 $77,000
6 $88,000
7 $99,000
8 $110,000
9 $122,000
10 $133,000

Verified savings documentation methods include:
  • Form 8888
  • 1040 form
  • Direct Deposit form
  • Savings deposit confirmation slip
  • Photo of savings deposit amount (screenshot)
  • Bank statement with deposit information (or a photo)
  • Bank statement or welcome letter for newly opened savings accounts (or a photo)
  • Using to search for a savings bond (will need SSN)

What personal information do you use and how will you protect it?

If you are selected as a potential winner, you will need to submit proof of eligibility as outlined in our FAQs. We do not require your Social Security number, savings product account and routing numbers, or any other personal information other than what we request in the weekly prizes and grand prize entry forms. This promotion is sponsored by AARP Foundation, which is committed to protecting your privacy and will not sell your personal information. Please read our Privacy Policy for details.

What are the prizes?

We are awarding 105 cash prizes: one hundred (100) prizes of $100, five (5) grand prizes of $5,000 each.

How will prizes be awarded?

Prizes will be distributed via a paper check.

How will I receive my prize?

Winners will receive their prize in the mail to the address they have provided.

If I prepared my tax return jointly with my spouse or claimed dependents, do we all qualify to enter the promotion?

No. Only one person listed on each tax return can participate in SaveYourRefund.

Who is sponsoring this promotion?

The SaveYourRefund promotion is sponsored by AARP Foundation.

Why is AARP Foundation sponsoring this promotion?

Research on prize-linked savings has shown that the opportunity to win a prize – even a prize of modest value – can energize and motivate people to save. As the $90 billion U.S. gaming industry attests, a chance to win allows us to dream, imagine, and aspire, and pairing prize incentives with financial actions can infuse saving – an act often viewed as self-denial – with more immediate reward, excitement, and possibility.

The SaveYourRefund promotion combines these ingredients – tax-time opportunity becomes a conduit for the fun and excitement of winning. The chance to win one of 100 prizes of $100, which increases a $50 investment twofold, or one of five, life-changing grand prizes of $5,000 each – the equivalent of 100 times the $50 investment – motivates tax filers. With the SaveYourRefund promotion, filers truly can “save small, and win BIG!”

What are the start and end dates for the promotion?

The SaveYourRefund sweepstakes starts at 12:00 a.m. on Monday, January 18, 2021, and ends at 11:59 p.m. on Saturday, May 15, 2021.

When will the grand prize winners be selected?

Grand Prize winners will be selected after all entries have been reviewed by AARP Foundation staff and the judging process is complete. The review and judging process will be completed by July 31, 2021.

How do I enter?

Submit an entry form to the weekly sweepstakes for a chance to win $100. For a chance to win $5,000, submit an entry form for both the weekly sweepstakes and the Grand prize in addition to submitting a photo and a caption detailing your motivation for saving.

Do I have to enter to win $100 prizes AND the grand prize? What happens if I enter to win just one of the two?

The only way to be eligible to win the grand prize is to enter to win the $100 prizes AND the grand prize. If you only enter to win $100 prizes, you will be eligible to win those prizes only. You cannot only enter to win the grand prize.

What is IRS Form 8888?

IRS Form 8888 allows tax filers to conveniently and securely direct-deposit their refund into two or more accounts. Tax filers can receive their refund faster than a paper check. Additionally, Form 8888 allows tax filers to purchase up to $5,000 in U.S. Savings Bonds (Series I).

How can I split my refund?

Filing your Own Taxes?

TurboTax: When you’re reaching the end of the series of TurboTax screens, you’ll be prompted to enter direct deposit information for as many accounts as you want. Here, you’ll want to save at least $50 in a Qualified Savings Account and the rest of your refund into a different account or paper check. TurboTax will fill out Form 8888 using your information. Click here to learn how to print Form 8888 in Intuit’s TurboTax. Click here to learn how to purchase U.S. Savings Bonds in Intuit’s TurboTax.

Other Online Tax Preparation Software or Paper Filing: Use Form 8888 to split your refund, saving at least $50 in a Qualified Savings Account. These links will take you to some popular tax preparation software websites: H&R Block, Tax Act, Tax Slayer.

Having a Tax Preparer File Your Taxes?

Free Tax Preparation Site or Paid Tax Preparer: Ask your tax preparer to use IRS Form 8888 to split your refund into at least two different accounts, with at least $50 in a Qualified Savings Account.

What kind of accounts can I save in?

You can save in any one of these products: U.S. Savings Bond, Savings Account, Certificate of Deposit (CD), Individual Retirement Account (IRA), 529 Educational Savings Account, Treasury Direct Account, a Health Savings Account (HSA), or a Prepaid Card. See Official Rules for additional details.

OK, I saved part of my refund in one of the qualified accounts. What should I do with the rest?

Look at Form 8888 to read about all of the different types of accounts you can split your refund into, and remember that you can also receive part of it in a paper check.

What if I already filed my taxes and saved before learning about SaveYourRefund?

If you learned about the SaveYourRefund promotion after filing your taxes and saving a portion of it, you can enter anytime until the contest deadline as long as you used a verifiable savings method. See our Official Rules for additional details.

Where can I find media materials (press kit, press releases, images, etc.)?

Promotional Materials can be found on the Partner Portal page. For additional information, interview requests and anything else you might need, please email our public relations team at [email protected]

Whom do I contact with further questions?

If you did not find an answer to your question in the FAQs or Official Rules, please email us at [email protected].

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