IRS Form 8888 – Split Refund

w-2 tax formI mentioned earlier that the IRS was planning to allow taxpayers to designate their refund to several accounts rather than just one beginning next year. The IRS just released a sample copy of IRS Form 8888 which will allow you to do this and they are requesting public comment on this new split refund form for the next 30 days.

This should make it much easier to designate some of the money into retirement or other saving accounts for those who receive a tax refund next year. The form looks pretty straight forward from a quick glimpse, but I haven’t taken the time to read through the instructions yet (one page for the form and one page for the instructions). You can take a look at the draft at Draft Form 8888, Direct Deposit of Refund (pdf format)

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