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Split Your Refund Among 3 Accounts with Direct Deposit

You now have another option and more flexibility for receiving your 2007 federal income tax refund.

What are the options?

The IRS added the option of splitting your refund with direct deposits into 2 or 3 checking, savings or retirement accounts last year. This is in addition to direct deposit in just 1 account or having a paper check mailed to you.

To split your refund, use IRS Form 8888. If you want the IRS to deposit your refund into just 1 account, you can simply use the direct deposit line on your tax form.

Who can split their refund?

Only taxpayers filing individual tax returns will have the ability to split or allocate direct deposit refunds among multiple accounts. Taxpayers filing Form 8379, Injured Spouse Allocation, don't have the option to split their refunds.

What are the benefits?

Whether you file electronically or on paper, direct deposit gives you faster access to your refund than a paper check. If you file a complete and accurate tax return and you are due a refund, your refund will be issued within 6 weeks from the date the IRS receives your return. If you e-filed, your refund check will be issued within 3 weeks.

With split refunds, you also have a convenient option for managing your money - sending some of your refund to an account for immediate use and some for future savings - teamed with the speed and safety of direct deposit.

How do you check the status of your refund?

To check the progress of your refund, go to "Where's My Refund" or call the Refund Hotline at (800) 829-1954. Please allow 4 weeks after you mail your return before calling this automated system.

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For help preparing your tax return, use TaxCut Software, TaxCut Online or talk to a tax professional.