IRS Form 8888, Allocation of Refund, is used by taxpayers who want their refunds to be deposited into more than one account.

• The taxpayer may split his/her refund into as many as three financial accounts. For example, one might designate part of the refund be deposited into a savings account, part into a checking account, and part into a retirement fund.
• Other examples of financial accounts eligible to receive deposits include health savings accounts, Coverdell education savings accounts.
• This option is available for tax returns filed either on paper or electronically.

Reasons you may not split your refund into more than one account in TaxAct:

• The taxpayer or spouse has completed IRS Form 8379 Injured Spouse Allocation.
• The taxpayer has elected to have their fees paid out of their Federal Refund.

See the IRS Instructions for Form 8888 for details.

Related Links

• Direct Deposit
• E-Filing - Incorrect Bank Information for Direct Deposit
• Direct Deposit - Not Printing on Return
• IRS Direct Deposit Limits

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.