KANSAS CITY, MO - (Marketwired) - February 09, 2016 - More than $3 million. That's the amount of money for local charities if just 10 percent was donated by winners of the 1,000 Win $1,000 Daily Sweepstakes at H&R Block(NYSE: HRB), the world's largest consumer tax preparation company. If many of the winners who have shared their stories are any indication, that number could be much, much higher.
"Understandably, many of our sweepstakes winners needed to use their extra $1,000 to take care of their families, and H&R Block is happy to be a part of that," said Kathy Collins, H&R Block's chief marketing officer. "The winners who have been in a position to share their winnings with strangers are a fortunate and generous group. It's good to see the sweepstakes winnings being invested in communities and helping improve the lives of many."
More than 80 percent of Americans donate their time or money annually and Americans donated $358 billion in 2014. While about 8 in 10 people who took part in the H&R Block Newsroom poll indicated they would save parts of their winnings or pay off bills, there also was a strong sentiment among winners to pay it forward and help others.
In addition to helping others, charitable contributions can lower the giver's tax liability. For example, a taxpayer with a marginal tax rate of 25 percent could save $25 in taxes for every eligible $100 charitable donation if they itemize their deductions.
For cash donations, taxpayers must have either a bank record, such as a cancelled check or credit card statement, or a receipt from the charity. For cash contributions of $250 or more, the taxpayer must obtain a written acknowledgement from the charity or have certain payroll deduction records.
For non-cash donations, taxpayers must have receipts, acknowledgments, appraisals and even pictures depending on the value of the donation. Taxpayers who make non-cash contributions and claim charitable deductions in excess of $500 must complete Form 8283 and submit it with Form 1040.
H&R Block is giving away $1,000 to 1,000 winners for 32 days, for a total of $32 million. Anyone who files their taxes in a participating H&R Block office by Feb. 15 can be automatically entered into the sweepstakes. Thisinteractive map shows the states where the winners live.
For more information, including official rules and other ways to enter, taxpayers can visit www.hrblock.com/grand,watch this video or join the conversation on social media and share how they would use an extra $1,000. Just use the hashtag #MyGrandPlan.
Clients can set an appointment with a local H&R Block tax professional or find the nearest H&R Block office by visiting www.hrblock.com or calling 800-HRBLOCK.
H&R Block, Inc. (NYSE: HRB) is the world's largest consumer tax services provider. More than 680 million tax returns have been prepared worldwide by and through H&R Block since 1955. In fiscal 2015, H&R Block had annual revenues of nearly $3.1 billion with 24.2 million tax returns prepared worldwide. Tax return preparation services are provided by professional tax preparers in approximately 12,000 company-owned and franchise retail tax offices worldwide, and through H&R Block tax software products. H&R Block also offers adjacent Tax Plus products and services. For more information, visit the H&R Block Newsroom at http://newsroom.hrblock.com/.
No Purchase Necessary.
For Official Rules and Alternate Method of Entry click here. Open to legal U.S. residents (50 states + DC & PR) age 18+. Entry Period: 1/4/16 - 2/15/16. One entry per taxpayer with paid federal tax return. Daily drawings 1/16/16 - 2/15/16 + final drawing on 2/19/16. 1,000 winners per drawing; 32,000 winners total. Total ARV: $32,000,000. Void where prohibited.
SOURCE H&R Block