Deposit Your Tax Refund Directly to Your Savings or Checking Account

The IRS gives all taxpayers the option to receive their tax refunds through direct deposit to more than one bank or brokerage account. Form 8888, which can be downloaded from IRS.gov, allows taxpayers to split up their refund and decide which amounts go to which accounts. Eligible account types include:

Bank checking accounts

Bank money market accounts

Bank savings accounts

Brokerage accounts

Mutual Fund accounts

Health Savings Account

TreasuryDirect Online Accounts

Coverdell Education Savings Account

The name of the taxpayer filing form 8888 must match the name of the account that is chosen for direct deposit of the tax refund. The bank routing information for each account will need to included on the IRS form in order for the direct deposit to process correctly. Bank routing information can be found on your bank’s checks or you can contact your bank for the correct routing numbers for your account.

The ability to split up your account tax refund to more than one account is a great advantage to the taxpayer. A refund is received much faster by direct deposit than it is by check and it also eliminates the risk of a lost or stolen refund check. Direct deposit of tax refunds also provide taxpayers a disciplined way to add money to their savings account, without the temptation of blowing their refund check at the local mall. Another benefit to setting up direct deposit for refunds is that it reduces costs to the government and is eco-friendly by reducing paperwork needed to process mailed refunds.

If your tax return is prepared by a tax professional, inquire about using Form 888 to set-up multiple direct deposits of your refund check. It will get your money where you want it and faster!