SaveYourRefund pilots the use of prizes to promote savings at tax time.
SaveYourRefund (SYR) is a project that Commonwealth has piloted since 2013 to demonstrate the use of prizes to encourage saving at tax time. Partnering with VITA sites across the country, SYR offers cash prizes to tax filers who use IRS Form 8888 to split their tax refund and save a portion of their refund in a savings product. The pilot has proven successful with over 9,000 tax filers saving more than $7,500,000.
Commonwealth is continuing to innovate by exploring piloting SYR with private tax preparers and government.