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Form 8888 for Round Rock Texas: What You Should Know

Form 8888 — IRS — Information — Overview • Use Form 8888 to allocate federal tax refund and save money • Use Form 8888 to allocate federal tax refund and save money. • Use Form 88888 to allocate federal tax refund and save money. • Use Form 8888 to allocate federal tax refund and save money — FAQ's Form 8888 — Allocation of Refund (Including Savings Bond Purchases) If you purchased a savings bond, you can use Form 8888 to allocate the refund to the savings bond account. This is a handy tool you can use when filing your taxes to determine where your refund should be put. In your completed Form 8889, write down the accounts and routing numbers (with the letter “i”) for each savings bond that would get credit for the refund. Then, enter the numbers in your Form 8888 for Round Rock TX. Form 8888 is an information report on the allocation of a refund, which you fill out by choosing exactly the amounts you want to allocate to the three accounts you listed. Example 1: If your federal tax refund is 2,000, allocate about 800 to the savings bond account. Example 2: If your federal tax refund is 2,000, you can allocate more than 800 (2,400) from the savings bond account to the federal tax refund. What Is Refund Withholding, and How Do I Form 8888? If you are required by law to withhold tax from a payment you receive, the payment may be subject to a tax, called “withholding.” If you are required by law to withhold tax you may need to file Form 8881, Application for Withholding Tax Excess to Tax Return, so that we know you did not give us your correct withholding tax code. This tax notice informs you of your payment is subject to withholding, and we will not withhold any tax, without your consent. If you file Form 8881, we will withhold 20% of the amounts withheld. The amount you are responsible for withholding on a form 8888 will depend on the amount of tax on the payment. Each month, you will be responsible for paying additional amounts for federal taxes withheld as tax. If your employer withholds tax for Social Security, Medicare, and Railroad Retirement or Compensation, you may be eligible to make a one-time tax-free payment to our organization for each month you do not get paid.

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