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. Cat. No. 21858A Form 8888 2018 Page 2 Future Developments Why Use Direct Deposit TreasuryDirect Account Information about any future developments affecting Form 8888 such as legislation enacted after we release it will be posted on www.irs.gov/Form8888. 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. Make sure the first account you list on Form 8888 is an account you would want the entire refund deposited in if this happens. After this limit is reached paper checks will be sent instead. Learn more at www.irs.gov/Individuals/Direct-DepositLimits. 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. For more information go to http //go. usa.gov/3KvcP. 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. 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. IRA or SEP-IRA but not a SIMPLE IRA. You must establish the IRA at a bank or other eligible financial institution before you also notify the trustee or custodian of your account of the year to which the deposit is to be applied unless...the trustee or custodian won t accept a deposit for 2018. Form Allocation of Refund Including Savings Bond Purchases Department of the Treasury Internal Revenue Service Go to www*irs*gov/Form8888 for the latest information* 1a 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. Amount to be...deposited in first account see instructions. b Routing number c Checking Savings d Account number 2a. 3a CAUTION U*S* Series I Savings Bond Purchases 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 6a Paper Check Amount to be refunded by check....If you would like to add a co-owner or beneficiary enter the name here First then Last. If beneficiary also check here Total Allocation of Refund Add lines 1a 2a 3a 4 5a 6a and 7.
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How to fill out IRS 8888
Instructions and Help about IRS 8888
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To edit IRS 8888, you can use pdfFiller tools that allow you to modify the fields on the form directly. Open the form in pdfFiller and utilize the editing features to change any necessary information. Make sure to double-check all entries for accuracy after editing before submission.
How to fill out IRS 8888
To fill out IRS 8888, follow these steps:
01
Start by downloading IRS 8888 from the IRS website or accessing it through a tax filing service.
02
Input your personal information, including your name, address, and taxpayer identification number.
03
Fill in the section where you specify how you want your refund to be distributed, either through direct deposit or a paper check.
04
Review all filled information for accuracy and completeness before saving or submitting the form.
About IRS 8 previous version
What is IRS 8888?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 8 previous version
What is IRS 8888?
IRS 8888 is the "Allocation of Refund (Including Savings Bond Purchases)" form that allows taxpayers to instruct the IRS on how they want their tax refunds distributed. This form is particularly useful for individuals wishing to split their refunds among various accounts or to purchase U.S. savings bonds with a portion of their funds.
What is the purpose of this form?
The purpose of IRS 8888 is to provide taxpayers the flexibility to allocate their tax refunds among multiple methods. This can include direct deposits into different bank accounts or purchasing U.S. savings bonds. Utilizing this form can streamline your refund management and enhance savings strategies.
Who needs the form?
Taxpayers who anticipate a refund and wish to distribute it in multiple ways should complete IRS 8888. This includes individuals looking to manage their money by placing some refund funds into savings accounts, checking accounts, or purchasing savings bonds.
When am I exempt from filling out this form?
You are exempt from filling out IRS 8888 if you do not expect a refund or if you prefer to receive your entire refund via a single method without allocation. In these cases, simply filing your tax return would suffice.
Components of the form
The components of IRS 8888 include sections for personal information, allocation instructions, and a specific request for purchasing U.S. savings bonds. Each section must be filled out carefully to ensure your refund is directed correctly as per your choices.
What are the penalties for not issuing the form?
There are generally no penalties for not issuing IRS 8888 unless the information provided on your tax return is misleading or inaccurate. However, not using this form may result in inconvenience, as taxpayers miss the opportunity to manage their refund distributions effectively.
What information do you need when you file the form?
When filing IRS 8888, you need your name, Social Security number, bank account information (if opting for direct deposit), and details about any savings bonds you wish to purchase. Ensure all details are accurate to prevent any filing issues or delays in refund processing.
Is the form accompanied by other forms?
IRS 8888 is often submitted alongside your main tax return form, such as Form 1040. It is critical to ensure that any associated forms are completed and submitted together to avoid complications in processing your tax return and refund.
Where do I send the form?
IRS 8888 should be sent along with your completed tax return to the address specified in the instruction section of your tax return form. Ensure that you check for any updates on mailing addresses as provided in IRS guidelines for the respective tax year.
FAQ about IRS 8888
What should I do if I realize I made a mistake on my form 8888 after submission?
If you notice an error on your form 8888 after it has been filed, you can submit an amended form. Make sure to clearly indicate the corrections and refer to IRS guidelines for filing amendments. It’s crucial to keep a copy of both the original and the amended submission for your records.
How can I track the status of my submitted form 8888?
To track the status of your form 8888, you can use the IRS's online tool designed for tracking forms submitted electronically. This can help you verify receipt and processing status, reducing uncertainty regarding your submitted documents.
What privacy measures should I take when submitting form 8888 electronically?
When e-filing your form 8888, ensure that you use secure platforms and trustworthy software that comply with IRS data protection standards. It’s also advisable to keep personal information confidential and follow suggested practices for data security to safeguard your information.
Are there common errors that filers make when completing form 8888, and how can I avoid them?
Common errors on form 8888 include incorrect taxpayer identification numbers and failure to sign the form. To avoid these mistakes, double-check your information, ensure proper calculations, and read all instructions carefully before submission.
What should I do if I receive an IRS notice regarding my form 8888 submission?
If you receive an IRS notice about your form 8888, first read the notice carefully to understand the issue. Then, gather any necessary documentation and respond as directed in the notice, ensuring to meet any deadlines provided to avoid further complications.
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