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Davis Brown Tax Law Blog

Tax Law Blog: Financial Literacy at Tax Time - March 10, 2015

Were you aware you could use your tax refund to buy a U.S. Savings Bond? Or that you could split the refund between multiple accounts (such as savings and checking) with direct deposit? If you prepared your own return with an online program, when the program asked you what you wanted to do with your refund, you had options including direct deposit, being mailed a check, purchasing a U.S. savings bond, or a combination of the options. The option to purchase a savings bond started in 2010, and is part of the IRS’s financial literacy goal.  The IRS is encouraging taxpayers to use all or a portion of their tax refunds to begin saving. 

Whether it is a coincidence or not, April is National Financial Literacy Month.  Financial literacy refers to the ability to manage financial resources effectively for a lifetime of financial well-being, including understanding how to earn, manage, and invest money.  Similarly, the Iowa Department of Education just announced a seminar in May titled the Iowa Financial Literacy Summit. The seminar “aims to educate students, educators, and the general public about the importance of financial literacy.”

For those waiting for the refund, whether by direct deposit or by paper check, the IRS Where's My Refund website is probably your best tool.