The Treasury Department wants to make it easier for taxpayers to save for retirement.
Three tax preparation software providers, TaxAct, TaxSlayer and TurboTax, will allow users to deposit their refunds this tax season directly into the government-run myRA plan, the department announced Thursday.
About 70 percent of taxpayers receive a federal refund. When users of these three software packages get a refund, they will be directed to information about the myRA and can choose to put all or some of their refund money in the account.
"Encouraging savings at tax time, when most taxpayers receive a tax refund — which for many can be the biggest check of their year — can begin to make a real difference in a family's financial situation," Bernie McKay, senior vice president of corporate affairs at Intuit, maker of TurboTax, said in a statement.