tax tips for tax year 2008
Direct Deposit of Refund
You have more options and flexibility for receiving your 2008 U.S. income tax refund. Now you can:
• Direct deposit your refund into one checking or savings account
Whether you file electronically or on paper, direct deposit gives you faster access to your refund than a paper check. To request direct deposit of your refund into one account, report your bank’s or financial institution’s nine-digit routing number and your account number on the direct deposit line of your tax return. If you do not have or are unsure of these numbers, contact your bank or financial institution.
A word of caution — some financial institutions do not allow a joint refund to be deposited into an individual account. Check with your bank or financial institution to make sure your direct deposit will be accepted.
• Split your refund with direct deposits into two or three checking or savings accounts
With split refunds, you have a convenient option for managing your money — sending some of your refund to an account for immediate use and some for future savings. Use Form 8888, Direct Deposit of Refund to More Than One Account, to divide your refund among two or three different accounts.
Note: If you fail to request direct deposit on your return, you will receive your refund as a paper check in the mail.