BIRMINGHAM, Ala. (WIAT) - Myra Jackson is the first grand prize winner in The University of Alabama Center for Ethics & Social Responsibility nationally unique, prize-linked savings initiative.

Jackson, a shipping clerk at Hygia Health Services, Inc., was selected in a drawing from more than 550 entrants and won $10,000 by investing some of her 2010 income tax refund in federal savings bonds.

The contest continues this tax season. Families making less than $50,000 per year with one or more children in the home or less than $25,000 annually without children are eligible to participate.

For every $50 you invest in a federal savings bond, you earn a chance to win the grand prize as well as smaller monthly prizes.
 
The program is called SaveNow WinLater and operates in conjunction with Impact Alabama’s free income tax preparation initiative in partnership with the City of Birmingham, helping working families save a portion of what is often the largest lump-sum payment they receive all year – their income tax refund.

Eligible individuals also can participate by purchasing federal savings bonds through any bank or credit union.

SaveNow WinLater is a partnership with Doorways to Dreams (D2D), a financial innovations nonprofit, and the Center for Ethics & Social Responsibility at the University of Alabama.

More than 100 UA students have been involved in the development and implementation of the initiative since January 2011.

Alabama residents interested in participating in SaveNow WinLater or in scheduling a free tax preparation
appointment should call 1-888-99-TAX-AL.