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Split your refund to up to three accounts starting in January

Categories Tax Tips (Fed)

Starting in January, taxpayers have more choice and flexibility for direct deposits of their 2006 federal income tax refunds. They can split their refunds among up to three checking or savings accounts and three different U.S. financial institutions by using Form 8888. This new option will be available for tax returns filed either on paper or electronically.

Taxpayers can continue to use the direct deposit line on Form 1040 to electronically send their refunds to one checking or savings account.

This change will give taxpayers more options for managing their refunds, teamed with the speed and safety of direct deposit.

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