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IRS Expands Direct Deposit Options

May 31st, 2006 at 09:06 pm

Good news for those that get tax refunds and would like to direct deposit a portion of it into your savings or retirement accounts. Until this year if you had your tax refund directly deposited, you could only do so into a single checking or savings account. The IRS announced today that starting next year, you can have your tax refund deposited into up to three different accounts:

The IRS will create a new form, Form 8888, which will give taxpayers greater control over their refunds. Form 8888 will give taxpayers a choice of selecting one, two or three accounts such as checking, savings and retirement account. Taxpayers who want all their refund deposited directly into one account can still use the appropriate line on the Form 1040 series.


This is good news for those who are better at saving when they money never goes into their general banking account.

1 Responses to “IRS Expands Direct Deposit Options”

  1. boomeyers Says:

    Thanks for the tip! That sounds awesome! It is about time they help people trying to save and invest!

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