Tax Facts & Tips

Are you interested in splitting your Tax Refund?

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This entry was posted on 2/14/2007 10:33 PM and is filed under Tax Tips.

Splitting your Tax Refund is easy to do!

With the new IRS Form 8888 and a Federal tax refund you now can split your refund with direct deposit into up to three different accounts. You could have part of your refund go to your IRA and part to your savings or checking account with this new option and you have flexibility in the way that you receive your 2006 federal income tax refund.

If you want IRS to deposit your refund into one account, you can use the direct deposit line on your tax form and not use the new form.

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.

A split refund lets you divide your refund, in any proportion you want, and direct deposit your funds among two or three different accounts with U.S. financial institutions.

What are the benefits of splitting my refund?
Instead of choosing between 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.

By 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. 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.

We can do it for you!

We can E-file your tax return to any state and we offer direct deposit of your refund at no extra cost. We can also split your federal refund into up to three accounts.

Whether you file electronically or on paper, direct deposit gives you faster access to your refund than a paper check. Speed, safety and choice — with direct deposit you can have it all!


 
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