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
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To edit IRS 8888, access the document using a PDF editing tool like pdfFiller, which allows for easy modifications. You can input information directly into the fields, correct errors, or add missing data. After editing, ensure to save your changes in a secure format, suitable for submission.
How to fill out IRS 8888
Filling out IRS 8888 involves several clear steps:
01
Gather necessary financial documents, including prior year tax returns and W-2 forms.
02
Provide your name, Social Security Number (SSN), and financial account information.
03
Indicate your refund choice; this can include direct deposit or allocation to various accounts.
04
Review the form for accuracy before submission to avoid processing delays.
About IRS 8 previous version
What is IRS 8888?
IRS 8888 is an official tax form used by U.S. taxpayers to allocate their tax refunds. The form allows filers to split their refund into multiple amounts deposited into different accounts or used for various purposes.
Who needs the form?
Individuals who expect a federal tax refund and wish to distribute it among different accounts or make purchases can utilize IRS 8888. This applies to various taxpayers, including those with multiple savings accounts or plans for specific expenditures.
Components of the form
IRS 8888 consists of several sections, including personal information, refund allocation details, and bank account information. Each component must be accurately completed to facilitate the desired allocation of funds.
What information do you need when you file the form?
When filing IRS 8888, you need your personal information, including your name, SSN, and filing status. Additionally, it’s essential to have bank account numbers and routing information for any accounts where you wish to deposit your refund. Ensure all information is correct to avoid processing issues.
Where do I send the form?
You should submit IRS 8888 with your completed tax return to the address specified on Form 1040 instructions. Ensure your return is mailed timely to avoid any late filing penalties.
What is the purpose of this form?
The primary purpose of IRS 8888 is to enhance taxpayer convenience by enabling the direct deposit of refunds into multiple bank accounts, which promotes efficient cash management. This can be beneficial for individuals saving for different goals.
When am I exempt from filling out this form?
You are exempt from filling out IRS 8888 if you do not have a tax refund or prefer to receive your entire refund in a single payment to one account. Additionally, if filing a joint return and both spouses do not want to split the refund, the form is unnecessary.
What are the penalties for not issuing the form?
There are no specific penalties for not issuing IRS 8888 as it is optional for taxpayers. However, choosing not to use the form means you forfeit the opportunity to manage how your refund is distributed. This may result in delays if you wish to change your refund method after filing.
Is the form accompanied by other forms?
IRS 8888 can be filed alongside your main tax return (such as Form 1040). It should not be submitted separately; include it in your tax filing package to ensure it is processed effectively.
FAQ about IRS 8888
What should I do if I notice an error on my IRS 8888 after filing?
If you find a mistake on your submitted IRS 8888, you should file an amended return using Form 1040-X. Ensure you include the correct information and indicate that you're correcting the initial submission. Keep in mind that processing times for amendments may vary.
How can I track the status of my IRS 8888 submission?
To check the status of your IRS 8888, visit the IRS 'Where's My Refund?' tool online. You can track the progress of your refund and confirm whether your submission was processed successfully. Have your personal information ready for accurate tracking.
What should I do if my IRS 8888 submission is rejected?
If your IRS 8888 is rejected, the IRS will provide a rejection code explaining the issue. Review the specific error, correct it in your form, and resubmit as soon as possible to avoid any delays in processing. Always keep a record of the rejection notice for your files.
Are electronic signatures acceptable for submitting the IRS 8888?
Yes, electronic signatures are acceptable when e-filing your IRS 8888. Ensure your software or e-filing service adheres to IRS guidelines for electronic submissions, as they provide the necessary security and verification processes.
How long should I retain a copy of my IRS 8888 after filing?
It is recommended to keep a copy of your IRS 8888 and all related documents for at least three years after the filing date. This ensures you have the necessary paperwork in case of any future audits or discrepancies.
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