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Can a participant deposit their EITC or tax refund into an IDA?

April 26, 2017deposit EITC Ida participant refund tax

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Can a participant deposit their EITC or tax refund into an IDA?

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Some local programs allow for these large deposits, but the goal of IDAs is to foster long-term saving habits and increase knowledge about personal finances. Even if a participant deposits tax refunds into their savings account, they are still required to save for at least 6 months before match funds may be withdrawn. Programs encourage participants to save the EITC separately since some assets require more money than the IDA program will provide.