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
For more information on myRA, please visit www.myra.gov
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.
Follow three simple steps to open a myRA and save some of your tax refund
Step 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.
Step 2: 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.
Step 3: 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.
- 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.
About Capital Area Asset Builders
Capital Area Asset Builders (CAAB) is a non-profit organization whose mission is to empower low- and moderate-income residents of the Greater DC Area to take control of their finances, increase their savings, and build wealth for a better future.
Connect with CAAB via our social media platforms:
- Twitter: @CAAB_GreaterDC
- Facebook: https://www.facebook.com/CapitalAreaAssetBuilders
- LinkedIn: https://www.linkedin.com/company/capital-area-asset-builders
