Form 8888 2022 Printable, Fillable PDF – Because most banking institutions now provide direct deposit as a convenient and secure alternative to paper checks, more taxpayers are demanding that their tax refunds be paid by direct deposit rather than paper checks.
If you complete IRS Form 8888 with your federal tax return, the Internal Revenue Service will direct deposit your refund into numerous accounts and even provide you the opportunity to purchase U.S. savings bonds if you meet certain requirements.
Direct Deposit Options Are Available
One advantage of submitting Form 8888 is that it avoids the need to manually transfer your tax refund to several accounts, which might otherwise cause a delay. Furthermore, you have the option of receiving your return in a variety of other kinds of accounts, not simply checking and savings. Your extended direct deposit possibilities include, among other things, the following kinds of investment or brokerage accounts:
- IRA accounts are a kind of retirement account.
- Archer Medical Savings Accounts are a kind of medical savings account that allows you to save money for medical expenses.
- Education Savings Accounts (Coverdell)
- Accounts on Treasury Direct’s website
Using a Treasury Direct account, you may acquire numerous federal government securities in a paperless manner. However, you must first visit the Treasury Direct website (www.treasurydirect.gov) and create an account before requesting this deposit option on Form 8888.
You may even request that the IRS give you a physical check for a part of your return in addition to any direct deposits that you want from them.
Investing In United States Savings Bonds
Alternatively, you may choose to get all or part of your refund in the form of an electronic transfer or a physical check, or you can buy up to $5,000 in series I U.S. savings bonds as an extra alternative.
- Purchase of this sort of savings bond has the advantage of being free from state income taxes, which is a significant benefit for many people.
- If you pay for higher education expenditures for yourself, your spouse, or your dependents and meet the other qualifying conditions, you may be eligible to collect the interest without paying federal income tax on the amount you receive.
Form 8888 Is Being Prepared
Filling out Part I of Form 8888 enables you to divide your tax return across three separate bank accounts.
- You’ll need to input the account and routing number for each account, as well as specify whether the account is classified as a checking or savings account.
- To the right of each account, you must choose the part of your tax refund that should be deposited into that account by the Internal Revenue Service.
If you are acquiring bonds, you must complete Part II of the form and specify the total amount of your return that will be used toward the purchase of the bonds. Additional lines are available below this one, allowing you to acquire up to two bonds, which may be in the name of whomever you like.
If you choose to receive a part of your return in the form of a paper check, you must complete Part III with the appropriate amount.
Part IV of Form 8888 must be completed by all filers in order to guarantee that all of the amounts stated throughout the form tally up to the total tax overpayment recorded on your return.
Form 8888 Cautions And Suggestions
If you are any of the following, you should not submit Form 8888:
- I am seeking a paper check for the full amount of the return.
- Everything is accounted for in a single account.
These deposit options may be specified directly on your tax return if you so want. For the direct deposit of your refund into two or more accounts, including the purchase of U.S. savings bonds, you should utilize Form 8888, which may be found here.
You should also be informed that your banking institution may refuse your deposits if any of the following conditions are met:
- If the account is in the name of someone else, or if
- The refund is for a joint return, but the account into which you want the deposit to be deposited is solely in the name of one of the spouses.
Here’s another piece of advice: if the Internal Revenue Service delays the filing of your return, your refund may not be divided; instead, it will be paid into the first account stated on Form 8888. Please double-check that the first account specified on Form 8888 corresponds to the account into which you would want the total refund to be placed if this were to occur.
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