Tax Refunds and Saving

The presidential election of 2008 has been historic by many measures. The campaign has featured an extended and competitive primary season, which has given way to a general election contest between Democrat Barack Obama and Republican John McCain. As the campaign has unfolded, economic conditions have worsened along with rising levels of unemployment, personal debt, and mortgage defaults. The erosion of savings and household assets have increased the economic insecurity of many families and heightened interest into each candidate’s prescription… more

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During the 2007 tax season, Professor Peter Tufano, founder of D2D Fund, collaborated with H&R Block to study offering U.S. Savings Bonds (Series I) at 27 H&R Block tax preparation offices. 3,729 clients with federal refunds greater than $500 received a scripted offer to purchase US Savings Bonds. 220 (or 5.9%) of these clients chose to purchase bonds spending an average of $228 each which resulted in tax time savings of $50,100. This memo discusses the details of the 2007 tax… more

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Income tax provisions affect the buildup of retirement assets during workers’ careers and aftertax income following retirement. This paper uses the Urban Institute’s DYNASIM model to simulate how potential changes in the tax treatment of retirement saving, Social Security benefits, and income from assets outside retirement accounts may affect boomers’ retirement incomes. Changes in the income thresholds for taxing Social Security benefits have the largest impact on middle-income boomers, while changes in contribution limits for retirement saving plans and tax… more

To help EITC-eligible individuals get the credit without having to pay tax preparation fees to commercial tax preparers, the IRS has created an outreach initiative called SPEC (Stakeholder Partnerships, Education, and Communication), which partners with national and local organizations that serve EITC-eligible populations. Together with its community partners, the IRS helps to provide tax awareness, free tax preparation assistance, and financial literacy through initiatives such as the Volunteer Income Tax Assistance (VITA) program or the Tax Counseling for the Elderly… more

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