About SaveUSA!

The SaveUSA program offers taxpayers a great incentive to set aside a portion of their refund and save at tax time. At four of Newark Now's Volunteer Income Tax Assistance (VITA) sites you may have the opportunity to open a SaveUSA account and earn a 50% "match" — up to $500 — when you save part of your tax refund for a full year. As of the end of March we have opened over 300 SaveUSA accounts

To open a SaveUSA account, you must:

• Be 18 and older

• Qualify for free tax preparation, i.e., you must earn less than $49,000 (with dependent)
or $25,000 (no dependents)

• Open the account at the time you file your taxes at a VITA site

• Provide two forms of identification and proof of address in addition to your tax documents

• Save at least $200 of your refund in the account

To receive the maximum match amount of $500, you must deposit $1,000.

SaveUSA's Growth!

We have noticed in the last month a greater percentage of tax clients are opening SaveUSA accounts. The first month of tax season a little under 10% of the tax clients open these accounts and the average refund was around $400. The percentage of clients opening SaveUSA accounts is now over 15% and the average deposit is now around $600.

During the month of March 120 SaveUSA accounts were opened. This was impressive given the fact that March is the slowest month during tax season. The total amount set aside from these taxpayers was over $60,000. This will result in a 50% match, up to $30,000, provided the clients keep their deposits in the account for one year.

Don't Take Our Word for It!

Ms. Cindy Whitaker came into the FEC and we prepared her 2010 tax return. Her refund was $3,570 for the Fed and $443 for the state. She then opened a $1,000 SaveUSA account. She also had her daughter come in to get help with preparing her FAFSA.