What Is A Form 8888?

Understanding What This Form Can Do For You

Unless you are a Certified Public Accountant, odds are you find filing your taxes at least a little confusing. As a result, the thought of one more form to fill out may keep you away from exploring the different options available to you for receiving your tax returns.

Do not let fear of confusion keep you from approaching Form 8888, though, as this little form called Allocation of Refund can help you control where your tax return ends up. With the increase in popularity of direct deposit, the IRS has expanded our options for getting tax returns put into our accounts with this form.

If you are like many of us, you have likely used direct deposit to put your tax refund into your checking account, from which you quickly spent it. To help you save part of your refund, you can use the Form 8888 to designate portions of your tax returns to different accounts. This means you could put the majority into your savings, while putting a little fun money into your checking. In fact, you can use the Form 8888 to split the money into up to three accounts.

If you opt to divide your returns among your accounts, skip the section on the 1040 that asks for your single direct deposit. Do not worry that the 8888 will be too confusing to make splitting your refund worth it; it is very straightforward.

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