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3 years, 4 months ago

What is a split refund?

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betsyb | 3 years, 4 months ago
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If you will be receiving a federal tax refund you can have it deposited directly into your bank account(s).

"Direct Deposit offers options. You can also electronically direct your refund to multiple accounts. With the "split refund" option, taxpayers can divide their refunds among as many as three checking or savings accounts and three different U.S. financial institutions. A word of caution - some financial institutions do not allow a joint refund to be deposited into an individual account. Check with your bank or other financial institution to make sure your direct deposit will be accepted."(http://www.theotherpaper.com/articles/2009/01/27/mojo_wire/doc497f5efa81a48697873383.txt}

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robbrown | 3 years, 4 months ago
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In terms of U.S. taxes, it is the ability to split your tax refund up into 3 different bank accounts at 3 different banks.  This became an option in 2006.

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vesper | 1 year, 6 months ago
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A spit refund is an option which the IRS offers for the distribution of tax refunds at tax time. A split refund is different than an ordinary refund in that it can be divided, in any proportion desired, into three different bank accounts or less. A split refund takes the form of multiple direct deposits from the IRS bank into the bank accounts of the recipient's choosing. The banks must be located within the United States for the IRS to make the electronic split refund deposits.

In order to split a refund, filers should use an IRS Form 8888 which is the Direct Deposit of Refund to More Than One Account form. This form contains detailed instructions and it captures the information which the IRS requires to process the split refund.
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