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8888 total refund per computer Form: What You Should Know
See Tax Topic 2806, Refund for More Information · To determine where your tax refund should be deposited, use the list on IRS.gov (the Form 8888 instructions do not apply). Don't fill out Form 8888 if there is an overpayment/debt owed to the IRS. Key Takeaways · Form 8888 can have two parts. When using line 7 to allocate your refund to one or more accounts, be sure to check the overpayment/debt and account to make sure these are the only accounts you would like to be allocated to. · If you are buying bonds from you, there must be an entry on Line 8 for the amount you would like allocated to your savings bonds. See Tax Topic 2806, Refund for More Information · When selecting “savings bond” for Line 8, choose the funds your trust wants to buy bonds for; the bonds purchased on IRS.gov may have more than 10 months of redemption periods. See also Tax Topic 2806, Refund for More Information (Form 8888) · If you use a mutual fund to purchase your bonds, see Tax Topic 2806, Refund for More Information (Form 8888). Form 8888 (Rev. November 2021) is a paper form that you fill out each year to calculate allocation of your tax return refund to eligible accounts. Here are some things to know before you get started. When is Form 8888 due? If your tax return for a given tax year was due before November 15, 2018, you need to submit Form 8888 on or before December 15, 2018. If your return for a given tax year was due after November 15, 2018, you need to submit Form 8888 on or before March 15, 2019, For more information on this date, go to IRS.gov/Form8888 The amount to be allocated to your savings bonds must equal your current year's tax liability on the savings bonds. For more information on your current year tax liability, visit IRS.gov/Tax-Guidance. Your savings bond account should be in a qualified retirement plan as defined by the terms of your plan. If you choose to invest your savings bond amounts elsewhere in your account, you must determine your tax liability on that investment. If you bought bonds from people, charities, or trusts, they need to be taxed as income/savings bonds — not as individual retirement accounts (IRA).
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