How to Split Your Income Tax Refund Into Different Accounts
Determine the amount of your total refund., Decide which bank accounts you want your IRS refund deposited into., Allocate and divide your refund the way you would the IRS to split the refund., Print out IRS Form 8888 for the correct tax year., Add...
Step-by-Step Guide
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Step 1: Determine the amount of your total refund.
The amount of your refund will appear on different lines depending on which form you used to file your taxes. -
Step 2: Decide which bank accounts you want your IRS refund deposited into.
The refund can be split and deposited into as many as 3 different banks or different accounts in the same bank.
A portion can also be used to purchase government bonds. , The total amount should be a whole number equal to your refund. , The following sub-steps work on Form 8888 for
2010.
Write the amount of your refund that you wish to be deposited into the first account on line 1a of IRS Form
8888.
Add the routing number of your bank on line 1b.
You can find the routing number on the bottom left-hand side on a check or deposit slip.
Include the account number on line 1d of IRS Form
8888.
You can find the account number to the right of the bank's routing number on a check or deposit slip for the account. ,,,, On line 3b of IRS Form 8888, write the routing number of your bank for the third account.
On line 3c, write the account number of your third account.
Check which account on line 2c you would like this portion of your refund to be deposited into.
Mark the correct box on line 3c. ,, Put the name of the individual the bonds are for on line 5a.
The amount must be divisible by $50.
Put the name of any other bonds you are purchasing on line 6a.
Write the amount on 6b, which should be in some multiple of $50. ,,, -
Step 3: Allocate and divide your refund the way you would the IRS to split the refund.
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Step 4: Print out IRS Form 8888 for the correct tax year.
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Step 5: Add the amount you wish to be deposited into the second account on line 2a of IRS Form 8888.
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Step 6: Repeat step six on line 2b of IRS Form 8888
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Step 7: writing the routing number of your bank for the second account.
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Step 8: Include the account number for the second account on line 2d of IRS Form 8888.
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Step 9: Fill in the amount of your refund that you wish to be deposited on line 3a of IRS Form 8888 if you are splitting your refund into three accounts.
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Step 10: Write the amount you wish to be spent on bonds on line 4.
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Step 11: Choose the corresponding box on line 1c: checking or savings.
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Step 12: Add the name of any co-owner for the bonds on line 5b.
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Step 13: Write the amount left over from your refund on line 7 to request a check from the IRS in this amount.
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Step 14: Add the totals
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Step 15: which should equal 0.
Detailed Guide
The amount of your refund will appear on different lines depending on which form you used to file your taxes.
The refund can be split and deposited into as many as 3 different banks or different accounts in the same bank.
A portion can also be used to purchase government bonds. , The total amount should be a whole number equal to your refund. , The following sub-steps work on Form 8888 for
2010.
Write the amount of your refund that you wish to be deposited into the first account on line 1a of IRS Form
8888.
Add the routing number of your bank on line 1b.
You can find the routing number on the bottom left-hand side on a check or deposit slip.
Include the account number on line 1d of IRS Form
8888.
You can find the account number to the right of the bank's routing number on a check or deposit slip for the account. ,,,, On line 3b of IRS Form 8888, write the routing number of your bank for the third account.
On line 3c, write the account number of your third account.
Check which account on line 2c you would like this portion of your refund to be deposited into.
Mark the correct box on line 3c. ,, Put the name of the individual the bonds are for on line 5a.
The amount must be divisible by $50.
Put the name of any other bonds you are purchasing on line 6a.
Write the amount on 6b, which should be in some multiple of $50. ,,,
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