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
How to edit IRS 8888
To edit IRS Form 8888, you should start by locating a digital version of the form. Use pdfFiller to open the form in an editable format. This tool allows you to make necessary changes by simply clicking on the text fields and entering the correct information. Once your edits are complete, save the updated form for your records or for filing.
How to fill out IRS 8888
Filling out IRS Form 8888 involves providing specific information regarding your tax refund. First, you need to indicate your preferred method of receiving the refund. You can choose to have it directly deposited into your bank accounts or opt for a paper check. Gather your identifying information, such as your Social Security number and the bank account numbers where you want the funds deposited. Follow these steps to complete the form:
01
Download IRS Form 8888 from the IRS website or access it through pdfFiller.
02
Fill in your personal information at the top of the form.
03
Indicate how you want your refund distributed by filling in the corresponding fields.
04
Review the completed form to ensure all information is accurate.
05
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About IRS 8888 previous version
What is IRS 8888?
IRS Form 8888, officially titled "Allocation of Refund (Including Savings Bonds)," is utilized by taxpayers to allocate their federal tax refunds into multiple accounts or to purchase U.S. savings bonds. This form allows for direct deposit into up to three different bank accounts, offering flexibility in managing your refund.
Who needs the form?
Taxpayers who file a federal tax return and expect a refund are eligible to use IRS Form 8888. This includes individuals, families, and businesses who want their refunds allocated to multiple accounts or purchase savings bonds. It is particularly useful for those who want to make the most out of their tax refunds by distributing funds for savings or other financial goals.
Components of the form
IRS Form 8888 consists of several key sections that allow you to specify how your refund should be divided. These sections include fields for your personal identification information, the total amount of your refund, and the individual allocations to each bank account or for the purchase of savings bonds. Detailed instructions accompany each section to help guide you through the process.
What information do you need when you file the form?
When you file IRS Form 8888, you will need to provide your personal identification details, including your Social Security number and any applicable bank account numbers for refund allocation. Additionally, you must include the total amount of your expected refund and specify how much you wish to allocate to each account or savings bond purchase.
Where do I send the form?
IRS Form 8888 should be submitted along with your federal tax return. Depending on how you file your tax return—electronically or via mail—the submission guidelines will vary. If filing electronically, the form will be processed automatically with your return. If filing by mail, include the completed form with your tax return and send it to the address specified for your tax filing status in the IRS instructions.
What is the purpose of this form?
The purpose of IRS Form 8888 is to facilitate the allocation of tax refunds. Taxpayers may find it advantageous to split their refunds for various reasons, such as saving for future expenses or dividing funds between different financial institutions. By accurately filling out this form, taxpayers can streamline their refund process and manage their finances more effectively.
When am I exempt from filling out this form?
You are exempt from filling out IRS Form 8888 if you do not expect a refund, are filing a tax return that does not allow for direct deposit options, or prefer to receive a single paper check. Additionally, if you are not eligible for direct deposit due to tax issues or other restrictions, you do not need to complete this form.
What are the penalties for not issuing the form?
Failures to properly submit IRS Form 8888 when required can result in delays in receiving refunds. While there are no specific financial penalties associated solely with the incorrect issuance of this form, any inaccurate information can lead to further complications, such as erroneous tax assessments or additional scrutiny from the IRS. It is crucial to ensure that this form is completed correctly to avoid these potential issues.
Is the form accompanied by other forms?
IRS Form 8888 is typically submitted alongside your main tax return form, such as Form 1040. It is essential to ensure that all forms are filed together to avoid any delays in processing your tax return and the associated refund.
FAQ about IRS 8888
What should I do if I realize I made a mistake after filing IRS 8888?
If you discover an error after submitting IRS 8888, you can file an amended return using Form 1040-X. This form allows you to correct mistakes or provide missing information. Ensure to clearly explain the changes and keep a copy of your amended return for your records.
How can I track the status of my IRS 8888 submission?
To track your IRS 8888 submission, visit the IRS website and use the 'Where's My Refund?' tool if you are expecting a refund. This tool can provide information about the processing status of your return. Additionally, keep an eye out for any communications from the IRS regarding your filing.
What should I do if my IRS 8888 submission is rejected?
If your IRS 8888 submission is rejected, the IRS will notify you of the reason through a rejection code. Review this code carefully and correct the identified issues before resubmitting your form electronically. Addressing these mistakes promptly increases the chances of successful processing.
Are there any specific privacy measures I should consider when filing IRS 8888 online?
When filing IRS 8888 online, ensure you use a secure internet connection and reputable e-filing software that adheres to privacy standards. Be cautious with personal information and understand the data retention policies of the platforms you use to protect your information.
Can someone else file IRS 8888 on my behalf?
Yes, someone can file IRS 8888 on your behalf if they are an authorized representative or hold a Power of Attorney (POA). Ensure they have all necessary information to complete the form accurately, and be aware that you may need to sign a specific authorization form allowing this filing.
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