IRS form 888 allocation of refund including savings bond purchases this document is a four-page document but the only page that will be primarily concerned about is the first page part one is direct deposit part two U.S series I savings bond purchases part 3 paper check part 4 total allocation of refund the remaining three pages contain the form instructions purpose of the form why you would use direct deposit information about savings bonds and then Specific Instructions for each of the lines that will go over momentarily so let's Circle back to the top of the instructions you would use IRS form 888 if you want the IRS to directly deposit your refund or a part of it to more than one account at a bank or other financial institution this could be a brokerage firm a credit union mutual fund so on and so forth if you want to use part of your refund to buy either paper or Electronics series eye savings bond you can do this up to five thousand dollars you can also divert part of your refund to fund an IRA a health savings account an Archer MSA a Coverdale savings education savings account or a treasury Direct online account however you cannot have your refund deposited into more than one account or by paper series I savings bonds if you file IRS form 8379 injured spouse allocation you should also not request a deposit of your refund to an account that is not in your name such as your tax return for payers account as a side note anytime your tax return preparer recommends depositing part or any of your refund into an account that you do not own that is technically illegal as a tax practitioner your accountant your CPA your...
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How to prepare Form 8888
About Form 8888
Form 8888 is a specific form provided by the Internal Revenue Service (IRS) in the United States. It is titled "Allocation of Refund" and is used for individuals to allocate their tax refund amounts to different accounts or financial institutions. The purpose of Form 8888 is to allow taxpayers to divide their refund into multiple accounts, such as checking accounts, savings accounts, and Individual Retirement Accounts (IRAs). It can also be used to purchase U.S. Savings Bonds with a portion of the refund. Form 8888 is typically used by individuals who want to control how their tax refund is distributed across different financial accounts instead of receiving it in a single lump sum. For example, someone may choose to deposit a part of their refund into their regular checking account for immediate use, allocate some funds to a savings account for emergencies, and invest a portion into IRAs for retirement savings. It is important to note that not everyone needs to file Form 8888. If a taxpayer wants their entire refund to be directly deposited into a single account or receive it via a check, they do not need to use this form. However, if they wish to divide their refund into multiple accounts, they should complete Form 8888 and include it with their tax return.
What Is Irs Form 8888?
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