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Form 8888

Beginning in the year 2007 (tax year 2006) you can split your tax refund and have the money deposited in up to three designated different accounts at banks or other financial institutions.

What accounts can I have my tax refunds deposit money into?

Eligible types of accounts include:

  • an individual retirement account (IRA),
  • health savings account (HSA),
  • Archer MSA,
  • Coverdell education savings account (ESA), or
  • a regular checking or savings account.
What is tax Form 8888?

Tax Form 8888, Direct Deposit of Refund, will be used for this purpose and can be used with e-filed or paper filed tax returns by all taxpayers except those filing Form 8379.

 

Do I need routing and bank account numbers to fill out the form 8888?

Valid routing and account numbers will be required to be provided for the direct deposit to be accepted by the IRS.

If you file the Form 8888, you cannot:

  • Choose to receive any part of your refund as a paper check
  • Request a deposit of your refund to an account that is not in your name
  • Cross out or whiten out any numbers. I you do, the IRS will reject your direct deposit and send you a paper check
  • Direct the refund into the account of others

 

You should check with your financial institution to get the correct routing and account numbers and make sure your deposit to the type of account will be accepted.

 

What is my tax refund is lost?

The IRS is not responsible for lost refund if you enter the wrong account information and the refund is deposited into a wrong account.

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