No more than three electronic refunds can be directly deposited into a single financial account or pre-paid debit card. Remember: You can direct your refund to any of your checking or savings accounts, reloadable prepaid debit cards or mobile apps, but you cannot direct your refund to someone else’s account, except for your spouse’s account, if this is a joint refund. If you want your refund deposited to two or three accounts, or you want to buy Savings Bonds with part of your return and deposit the remainder to two or three accounts, use Form 8888, Allocation of Refund (Including Savings Bond Purchases).

If you want your refund deposited into one account, use the special direct deposit lines on your tax return (Forms 1040 or 1040-SR). You can ask IRS to direct deposit your refund into just one account, or into two or three different accounts. Can I still send my refund to just one account? If you file a paper tax return, complete and attach Form 8888, Allocation of Refund (Including Savings Bond Purchases) to your federal income tax return to tell IRS how much and to which of your accounts you want your refund deposited. Simply follow the instructions your tax software provides to do it electronically.

Plus, you get the safety and speed of direct deposit, meaning you will have access to your refund faster than if you opt to receive a paper check. Instead of depositing your refund into a checking or savings account and later moving part of your refund to another account, you can allocate your refund among up to three different accounts and send your money where you want it the first time.īy splitting your refund, you get the convenience of directing some of your refund to your checking account for immediate needs and sending some to savings for future use. What are the benefits of splitting my refund? Series I Savings Bonds for yourself or someone else. You can also use part or all (up to $5,000) of your refund to buy U.S. financial institutions, reloadable prepaid debit card or mobile apps.

What is a split refund?Ī split refund lets you divide your refund, in any proportion you want, and direct deposit funds in up to three different accounts with U.S. With split refunds, you have a convenient option for managing your money - sending some of your refund to an account for immediate use and some for future savings - teamed with the speed and safety of direct deposit. Form 8888 is not required if you want IRS to direct deposit your refund into a single account you can use the direct deposit lines on Forms 10-SR. If you file a paper return, use Form 8888, Allocation of Refund (Including Savings Bond Purchases), to split your refund among two or three different accounts. Splitting your refund is easy and can be done electronically if you use IRS Free File or other tax software. All you need is an account number and a routing number to get your refund faster. It costs more than $1 to print and mail a refund check and about a dime for direct deposit. This is the same method used by 98 percent of Social Security and Veterans Affairs beneficiaries. Eight out of 10 taxpayers use direct deposit for their refunds. Direct Deposit is the electronic transfer of your refund from the Department of Treasury to the financial account of your choice. Using Direct Deposit is the safest and easiest way to get your refund.

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