Cat. No. 21858A Form 8888 2016 Page 2 Future Developments affecting Form 8888 such as legislation enacted after we release it will be posted on www.irs.gov/form8888. Form Allocation of Refund Including Savings Bond Purchases Department of the Treasury Internal Revenue Service Information about Form 8888 and its instructions is at www.irs.gov/form8888. If there are any delays in the processing of your return by the IRS your entire refund will be deposited in the first account listed on Form...8888. Make sure the first account you list on Form 8888 is an account you would want the entire refund deposited in if this happens. See the instructions under Part II for details. Specific Instructions TIP If you are filing Form 8888 only to buy paper series I savings bonds skip Part I and go to If you file a joint return and complete Form 8888 your spouse may get at least part of the refund. Amended return. Don t attach Form 8888 to Form 1040X. A refund on an amended return can t be directly...deposited to an account or used to buy savings bonds. If the total on line 8 is different a check will be sent instead. Don t file a Form 8888 on which you have crossed out or whited out any numbers or letters. General Instructions Purpose of Form Use Form 8888 if You want us to directly deposit your refund or part of it to either two or three accounts at a bank or other financial institution such as a mutual fund brokerage firm or credit union in the United States or You want to use at least...part of your refund to buy up to 5 000 in paper or electronic series I savings bonds. Attachment Sequence No* 56 Your social security number Attach to your income tax return* Name s shown on return Part I OMB No* 1545-0074 Direct Deposit Complete this part if you want us to directly deposit a portion of your refund to one or more accounts. 1a Amount to be deposited in first account see instructions. b Routing number c. Checking 2a 3a Savings d Account number U*S* Series I Savings Bond Purchases...CAUTION If a name is entered on line 5c or 6c below co-ownership will be assumed unless the beneficiary box is checked* See instructions for more details. Amount to be used for bond purchases for yourself and your spouse if filing jointly. b Enter the owner s name First then Last for the bond registration 5a If you would like to add a co-owner or beneficiary enter the name here First then Last. If beneficiary also check here 6a Paper Check Amount to be refunded by check. Total Allocation of...Refund Add lines 1a 2a 3a 4 5a 6a and 7. The total must equal the refund amount shown on your tax return. For Paperwork Reduction Act Notice see your tax return instructions. An account can be a checking savings or other account such as An individual retirement arrangement IRA including a myRA A health savings account HSA An Archer MSA A Coverdell education savings account ESA or A TreasuryDirect online account. You can t have your refund deposited into more than one account or buy paper...series I savings bonds if you file Form 8379 Injured Spouse Allocation* Deposit of refund to only one account.
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Instructions and Help about IRS 8888
How to edit IRS 8888
How to fill out IRS 8888
Instructions and Help about IRS 8888
How to edit IRS 8888
To edit IRS Form 8888, you can use various PDF editing tools available online. It is important to make sure any changes are accurate, as incorrect information may impact your tax return. You can upload the form to pdfFiller and use its editing tools to modify the fields directly. Remember to save your changes once you have completed editing the form.
How to fill out IRS 8888
Filling out IRS Form 8888 involves several important steps. First, gather all necessary financial documents, including your Social Security number, bank account information, and the total amount of your tax refund. Next, follow these steps to accurately fill out the form:
01
Enter your personal information at the top of the form, including name, address, and Social Security number.
02
Indicate how you want to receive your refund, whether by direct deposit or paper check.
03
If opting for direct deposit, provide your bank account number and routing number.
04
Review all entries for accuracy before submission.
Ensure you follow IRS guidelines for the form to avoid any processing delays.
About IRS 8 previous version
What is IRS 8888?
IRS Form 8888, titled “Direct Deposit of Refund to More Than One Account,” allows taxpayers to direct their federal tax refunds to multiple bank accounts. This form enables more flexibility in managing your refund by allowing splits into different accounts as chosen by the taxpayer.
Who needs the form?
Taxpayers who expect a federal tax refund and wish to split it into multiple bank accounts or request a paper check need to complete IRS Form 8888. It is especially useful for individuals who wish to save or invest a portion of their refund while keeping some funds available for immediate use.
Components of the form
IRS Form 8888 comprises several sections, including personal information, details for direct deposit, and a section to specify the amount of the tax refund allocated to each bank account. Ensure all required fields are filled out correctly to avoid delays in processing your return and refund.
What information do you need when you file the form?
When filing IRS Form 8888, you need your full name, address, Social Security number, and the details of the bank accounts where you want your refund deposited. Be prepared to provide your account numbers and routing information for accuracy. It’s advisable to have your most recent tax return on hand while completing the form as a reference.
Where do I send the form?
IRS Form 8888 must be filed along with your tax return to the address designated for submitting Form 1040, depending on your state of residence. If filing electronically, ensure the form is included as part of your electronic submission. If mailing in your return, refer to the instructions included with Form 1040 for the appropriate IRS mailing address.
What is the purpose of this form?
The primary purpose of IRS Form 8888 is to facilitate the distribution of tax refunds into two or more different accounts or to obtain a paper check. The form simplifies the process for taxpayers who prefer to allocate their refunds for savings, investments, or other financial endeavors.
When am I exempt from filling out this form?
You do not need to fill out IRS Form 8888 if you are not expecting a tax refund or if you prefer to receive your entire refund as a single payment via check or direct deposit to one bank account. Additionally, if you are filing a tax return electronically without the intent to split your refund, this form is not necessary.
What are the penalties for not issuing the form?
There are no specific penalties for not issuing IRS Form 8888 if you choose to receive your refund through a single method. However, if you fill out the form and provide incorrect information, you may face delays in receiving your refund or potential adjustments from the IRS. It is crucial to ensure all information is accurate to avoid complications.
Is the form accompanied by other forms?
No, IRS Form 8888 does not need to be concurrently submitted with another form. However, ensure that it accompanies your main tax return (e.g., Form 1040) when filing with the IRS. Submitting it separately or with the incorrect return could delay processing.
FAQ about IRS 8888
What should I do if I made a mistake on my irs form 8888 2016?
If you realize you made an error on your irs form 8888 2016 after submission, you may need to file an amended return using form 1040-X. This process allows you to correct any mistakes, including those related to the distribution of your refund. Ensure to provide clear explanations for the corrections made to avoid delays.
How can I check the status of my irs form 8888 2016 filing?
To verify the status of your irs form 8888 2016, you can use the IRS's 'Where's My Refund?' tool available on their website. By entering your Social Security Number, filing status, and refund amount, you can track whether your form has been processed and the status of your refund.
What should I know about filing on behalf of someone else with irs form 8888 2016?
When filing an irs form 8888 2016 on behalf of another individual, ensure you have the proper authorization through a power of attorney. Always include the appropriate signatures, and be aware that additional documentation might be required to validate your authority to file for that person.
What are common errors to avoid with irs form 8888 2016?
Common errors in completing the irs form 8888 2016 include incorrect bank account details, mismatched names with the IRS database, and failing to check the status of your refund post-filing. Double-checking all information against your tax return can help mitigate these issues.
What are the privacy and data security considerations when filing irs form 8888 2016 electronically?
When e-filing your irs form 8888 2016, ensure that the software you choose complies with IRS standards for data security and encryption. Maintain records of your submission in a secure location, following IRS guidelines on record retention to protect your personal information.
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